...To get all news updates, Join our WhatsApp Group (Click Here)
Connect with us on Linkedin (Click Here)
The political atmosphere in Oyo State ahead of the 2027 general election has become more charged as the African Democratic Congress, ADC, in Oyo State has launched a scathing attack on the All Progressives Congress, APC, accusing the ruling party at the federal level of hypocrisy, selective accountability and fiscal double standards over the controversial ₦400 billion borrowing and refinancing arrangement by Governor Seyi Makinde’s administration.
In a strongly worded official press statement dated October 23, 2026, and signed by its State Publicity Secretary, the ADC said the Oyo APC cannot credibly present itself as a defender of fiscal accountability and transparency in Oyo State while deliberately ignoring what it described as reckless borrowing, overlapping budgets and glaring fiscal inconsistencies by the Federal Government under President Bola Ahmed Tinubu’s administration.
The statement comes against the backdrop of reported threats by the Oyo APC to demand a refund of the ₦400 billion borrowing arrangement, which comprises a ₦300 billion refinancing package and a ₦100 billion fresh loan being proposed by the Makinde administration, a move that has generated intense public debate and political reactions across the state.
The ADC described the APC’s position as an exercise in “selective accountability,” insisting that scrutiny of public borrowing, fiscal responsibility and transparency must apply equally to governments at all levels, irrespective of political affiliation, and not be weaponized for partisan attacks.
According to the party, it is hypocritical for the Oyo APC to raise moral questions about Governor Makinde’s borrowing plans when it has remained silent over the Federal Government’s borrowing practices following the removal of petrol subsidy, a policy that was supposed to free up resources for development.
“Where is its outrage over overlapping federal budgets and borrowing after subsidy removal?” the ADC queried, challenging the Oyo APC to explain to Nigerians why severe economic hardship persists despite assurances that subsidy savings would be channelled into infrastructure, education, healthcare and development.
The party questioned the rationale behind continued federal borrowing in spite of trillions of naira reportedly saved from subsidy removal, asking the Oyo APC to first explain the apparent contradiction at the federal level before attempting to lecture Oyo State on fiscal discipline.
However, the ADC was quick to clarify that its criticism of the Oyo APC does not amount to exoneration of Governor Seyi Makinde’s administration, as it maintained that its concerns about the state’s financial decisions remain unresolved and require urgent answers.
The party recalled its earlier press statement dated October 21, 2026, titled “Oyo Fresh Loan: Refinancing or Campaign Funding?”, insisting that the critical questions raised in that statement still require transparent answers from the Oyo State Government and cannot be swept under the carpet.
The ADC demanded a detailed and clear distinction between the reported ₦300 billion refinancing arrangement and the ₦100 billion fresh loan, insisting that lumping both components together without breakdown is an attempt to confuse the public and avoid accountability.
It also called for the immediate publication of the relevant lender agreements, official confirmation of the reported 22 per cent interest rate and 48-month repayment period, and full disclosure of the contractors and outstanding obligations covered by the refinancing arrangement.
Additionally, the ADC demanded specific details of the projects to be financed with the fresh ₦100 billion borrowing, including locations, costs, timelines and expected impact, as well as a transparent explanation of the reported ₦4.2 billion provision for local government elections contained in the borrowing plan.
According to the party, dismissing critics as ignorant, as allegedly done by some officials of the state government, will not substitute for documentary evidence, due process and transparency in the management of public funds belonging to the people of Oyo State.
The ADC warned the Oyo APC against condemning the state government’s financial decisions while allegedly overlooking similar and even more troubling concerns at the federal level, stressing that such selective outrage undermines credible opposition and insults the intelligence of Oyo State residents.
It stressed that it will neither shield Governor Makinde from legitimate scrutiny nor allow the APC to exploit genuine public concerns over the state’s finances to score cheap political points while avoiding questions about the Federal Government’s own borrowing record.
The party said what the people of Oyo State deserve at this critical period is transparent governance, responsible borrowing, prudent financial management and a credible political alternative, rather than what it described as the transfer of federal recklessness and fiscal indiscipline to Ibadan.
The statement, however, did not include a response from the Oyo APC or the Oyo State Government to the allegations and demands contained in the ADC’s position, as efforts to get their reactions at press time were unsuccessful.
As Oyo State counts down to the 2027 general election, political analysts believe the ADC’s intervention has introduced a new dimension to the fiscal debate, forcing both the APC and PDP to confront questions of transparency and accountability at all levels of government.
...To get all news updates, Join our WhatsApp Group (Click Here)
Connect with us on Linkedin (Click Here)
