Approval Of Yet, Another Loan Of 55 Million Euros By Oyo Assembly: Hope Governor Makinde Is Not Being Possessed By A Demon Of Indebtedness?
The Oyo state House of Assembly under the Speakership of Debo Ogundoyin approved Governor Seyi Makinde’s request for a further loan of 55 Million Euros on Monday, the 14th of July, 2025.
As at today, 55 Million Euros is approximately 98.5 billion Naira.
Not long ago, the same House of Assembly approved the request by Governor Seyi Makinde to borrow the sum of 200 billion Naira from a Commercial Bank.
The latest concessional loan of 55 Million Euros would be obtained from the French Treasury with a moratorium period of 15 years and repayment plan of 40 years.
As we speak, only God, Governor Makinde, Debo Ogundoyin and perhaps, a few Government officials of Oyo state have correct information about the exact debts profile of Oyo state.
This is very interesting.
A loan with repayment plan of 40 years. Remember that Governor Makinde once leased out the Agbowo Shopping Complex for fifty years.
As candidate of the Peoples Democratic Party, PDP in 2019, Governor Makinde was determinedly critical of certain policies of the late Governor Abiola Ajimobi’s Government.
He was emphatic about Ajimobi’s borrowings and the identities of contractors engaged by him, claiming that there were capital flights of Oyo state resources through Lagos based Contractors.
When he said that, a deep thinker knew what he meant and tongues immediately began to wag in the direction of Burdillon.
Sadly, as Governor, Makinde’s hypocrisy have known no bounds.
He has surpassed Ajimobi more than a hundred folds in areas he criticized the late former Governor.
I will give some examples.
Immediately he became Governor, Seyi Makinde confirmed that the finances of Oyo state were threatened because he inherited a debt of over 140 billion Naira.
I have been asking Governor Makinde to tell the public by how much he has increased the debts of Oyo state but, even he, Makinde, is ashamed to answer this simple question.
In the last six months or so, he has borrowed close to 300 billion Naira. More than double of the debt he inherited in 2019.
This is to add to the fact that Ajimobi and his predecessors were never known to have sold Oyo state Government’s assets as he, Makinde has been recklessly doing.
On Saturday, I passed through Iseyin on my way from Igboora to Ibadan.
I had to endure that unnecessary merry go round because the 48 kilometers Ido/Eruwa road is like passing through hell.
When we got to Koso area of Iseyin, someone pointed at an expanse of Land by the right hand side when you enter from the Ado Awaye end and said that the Community had to beg a prominent son of Iseyin to rise to the occasion and bail Iseyin out from Governor Makinde who had wanted to sell the expanse of Land.
I think they say that the place used to be an amusement park or something like that.
Governor Makinde complained bitterly about the identities of the Contractors engaged by Ajimobi.
He shouted up to every roof tops alleging that the resources of Oyo state were been channelled to Lagos through Lagos based Contractors.
Now, let us ask Governor Seyi Makinde. What is the identity of the Contractors he has been engaging to handle multi-billion Naira contracts since 2019?
Where are they from? Are they from Kishi in Oke-Ogun? From Eruwa in Ibarapa? From Atiba in Oyo? From Sabo in Ogbomosho or are they from Ajia village in Ibadan?
Just recently, a citizen of the state wrote to Oyo state Government to ask for the identities of the Contractors who will handle certain contracts just recently awarded by Makinde.
Like I said the other time, the request by the Lawyer was expressly dismissed and declined.
Why is that so? What is so confidential about Contractors hired to do projects that would be funded with public resources?
In 2019, Governor Makinde received public support for identifying with the majority of Ibadan Indigenes who were against certain amendments proposed by the late former Governor Ajimobi to the Olubadan Chieftaincy Declaration Laws.
As Governor in 2023, what did he do?
Did he not introduce far reaching amendments to the same Laws?
When the Government of the late former Governor Ajimobi pulled down a part of a famous Radio station before the 2019 gubernatorial election, Eng. Seyi Makinde, as he then was, showed up in person to sympathize with the owner of the Radio station.
Those who saw him said he wore shorts and stood amongst the crowd of sympathizers.
Now, as Governor of Oyo state. Has Makinde not been forcefully pulling down and taking over structures?
What a way to be hypocritical!
Not only Oyo state has been thrown into undisclosed but monumental debts.
The 33 Local Governments are not excluded.
Governor Makinde is not only the Governor of Oyo state, he is also the Captain of 33 Local Governments who spends the monthly Allocations for the state and the 33 Local Governments as he pleases.
We have never had it this terrible.
There are no developments in the 33 Local Governments.
Yet, they are in serious debts.
Some people did not know why Governor Makinde was jittery about the judgment of the Supreme court that granted full financial autonomy for Local Governments.
If that judgment is implemented today, Governor Makinde would be terribly exposed.
He has signed letters of irrevocable credit that allows some Banks to make deductions from the monthly Allocations for the 33 Local Governments.
The state has been mortgaged. The 33 Local Governments has also been ran into debts.
Assets of Government are not safe as they are being sold recklessly.
Before our own eyes, Agbowo Shopping Complex has become a den of criminals.
Before our own eyes, Governor Makinde built a Bus terminal for 5 billion Naira!
Before our own eyes, close to 40 billion Naira was released to mount glorified street lights called Light Up Oyo.
Before our very eyes, monthly Allocations for States and Local Governments have tripled, yet, our own Governor kept borrowing recklessly without anybody asking him to explain the consequences of the increased monthly Allocations.
Local Government Career officers now live in fear because, on a daily basis, they kept receiving illegal instructions that will attract negative consequences from the Governor.
Ibadan North Local Government now bears the appellation of ‘ the clearing house ‘.
A clearing house where the resources of the 33 Local Governments is been butchered by the Governor.
I challenge Governor Makinde to deny this grave allegations by making public documents showing contrary positions.
Sadly, the mouths that should be asking Governor Makinde salient questions have been glued with inducements, financial and material.
Not long ago, a misguided socialite publicly declared that any member of the opposition who is willing to compromise and jump ship, ( fona), he would ensure such a compromised individual sees Governor Makinde and a reward of between 5 – 10 thousand dollars awaits.
Who took him up on such recklessness?
The former Chairman of the Oyo state Parks Management System, Mukaila Auxiliary raised very serious allegations against Makinde.
He said he utilized the resources of the PMS, ( public funds) to execute campaign programs of Governor Makinde in 2023.
The PMS funds are local Governments Internally Generated Revenues.
Who took him up on that?
Those who have been compromised would not do their jobs.
When you do yours, they develop negative pregnancies and begin to call you names.
I understand that a lot of people are pained by my advocacy for different reasons.
I owe no one an apology for what I am doing.
In the end, posterity will draw the lines between the sides.
I remember vividly, what the late (Dr) Sikiru Ayinde Barrister said in one of his album.
I think the title of the album is ‘Destiny’. He talked about the hypocrite. The hypocrite could amass wealth, build houses and have children but the fate that awaits the hypocrite is certainly not palatable.
( Alabosi a maa lowo, alabosi a maa kole, alabosi a maa bimo, atunbotan alabosi ko nii dara nigbeyin aye won).
I have no issues with those whose conscience allows them to be paid to keep quiet in the face of brazen evil but they must know the fate that awaits them is unpalatable.
Before I round up, someone drew my attention to the fact that Governor Makinde is indeed planning to procure a DA 42 MNG plane.
I have done some research on the DA 42 MNG planes and the results are interesting.
I recommend that whosoever is interested in doing same should do and find out what the keeping of such planes means in terms of maintenance and whether, Oyo state actually require such financial recklessness at this point.
I recommend that you look at the cost of the planes and the additional costs of maintenance.
I also see that the DA 42 MNG is used by Military and defense.
SOLA ABEGUNDE
