The Progressive Yes Forum of the All Progressives Congress (APC) in Oyo State has strongly opposed Governor Seyi Makinde’s reported plan to obtain a fresh ₦300 billion loan, describing it as reckless and detrimental to the state’s economic future.
Speaking at a press conference in Ibadan on Saturday, Chairman of the Forum, Comrade Wole Abisoye, said the governor’s borrowing spree since assuming office in 2019 had pushed Oyo State’s debt profile to an alarming level, with little to show in terms of commensurate development.
Abisoye recalled that past progressive leaders in the state such as Chief Obafemi Awolowo, Chief Bola Ige, and Alhaji Lam Adesina had prioritized prudence, self-reliance, and modest borrowing to sustain key programmes, unlike the current administration which, according to him, has made loans its primary tool of governance.
He cited figures to back his claim, noting that the Makinde administration obtained a ₦100 billion infrastructure loan in 2020, additional loans amounting to about ₦50 billion between 2021 and 2022, and another ₦150 billion in 2023 for projects including roads, bus terminals, and health facilities. The new plan to raise ₦300 billion, he said, would further mortgage the future of generations yet unborn.
“This fresh loan, if obtained, will bind successive administrations with repayment obligations that will stifle growth and development,” Abisoye warned.
“What is most troubling is that previous loans remain shrouded in secrecy, with no clear audit, project details, or accountability. Oyo people deserve to know how funds borrowed in their name are spent.”
The Forum accused Governor Makinde of misplaced priorities, arguing that despite the heavy borrowings, the state continues to struggle in key areas such as healthcare, education, agriculture, and job creation.
It therefore urged the Oyo State House of Assembly to resist the loan approval and called on civil society groups, labour unions, market associations, youth organizations, and other stakeholders to rise in defense of the state’s future.
The Forum also appealed to the Federal Government and financial institutions to refrain from granting what it described as a loan “without clear economic justification.”
“We are not against responsible borrowing for genuine development,” Abisoye stressed.
“But what we see under the Makinde administration is financial recklessness disguised as progress. Oyo needs visionary leadership, prudent financial management, and people-centered policies, not endless loans that enrich a few while impoverishing the majority.”
The Forum concluded by vowing to resist every attempt to saddle Oyo State with what it termed “wasteful borrowing” while reaffirming its commitment to transparency, accountability, and progressive governance.
