A member of the Oyo State House of Assembly, Hon. Shittu Ibraheem, has raised concerns over the approval of a ₦300 billion loan by the Assembly during its ongoing recess, describing the process as secretive and questionable.
Ibraheem, who represents Saki West Constituency, in a statement on Wednesday, dissociated himself from the approval, alleging that many members were sidelined in the emergency sitting convened to ratify the facility at the instance of Governor Seyi Makinde.
According to him, the loan was approved on August 19, 2025 and finalised on August 26, 2025, despite the Assembly being on a six-week recess that started on July 31 and is expected to end on September 16.
“I want it to be on record that I, Hon. Shittu Ibraheem, representing Saki West State Constituency, was not among lawmakers who approved the ₦300 billion loan during an emergency sitting of the House,” he declared.
The lawmaker questioned why the facility was considered an emergency, arguing that Oyo State currently enjoys increased federal allocations due to the surge in crude oil revenues.
“Loan at this time when all states have more than enough? Oyo State now receives about a 500 percent increase in FAAC. Why take this loan? Why was it rushed, and why were not all members carried along?” he queried.
Findings by PLATFORM TIMES from the state’s 2025 second quarter budget performance report show that Oyo borrowed ₦93.4 billion between April and June, while no borrowing was recorded in the first quarter of the year. Within the same period, the state spent ₦18.6 billion on debt servicing.
The latest loan approval comes barely two months after the Oyo State Executive Council approved over ₦63 billion for the renovation of the Government House, which the administration said had been in a deplorable state.
Commissioner for Information and Orientation, Dotun Oyelade, had defended the expenditure, insisting the official residence was “embarrassing and unbefitting” and that both the governor and his deputy had been forced to reside in their private homes for six years.
Meanwhile, critics argue that the borrowing spree under Governor Makinde may plunge the state into unsustainable debt despite improved revenues.
The government has yet to react to Ibraheem’s allegations as at the time of filing this report.
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