Alao to Makinde: Stop mortgaging State’s future with successive loans

By Seyifunmi Odunuga

A chieftain of the All Progressives Congress (APC) and ex-Guber aspirant of the party in Oyo State, Engineer Oyedele Hakeem Alao (Allow Alao), has strongly condemned Governor Seyi Makinde and the state House of Assembly.

This follow the revelations by the lawmaker representing Saki West Local Government, Hon. Ibrahim Shittu, about the secret approval of a controversial N300 billion loan during an emergency sitting held amidst the Assembly’s ongoing recess.

Alao in a statement issued from his media office, sharply criticised what he described as Governor Makinde’s administration’s glorification of misplaced priorities and reckless borrowing.
He stated that the governor and the state House of Assembly have both mortgaged the future of Oyo State with successive loans stretching back to the start of his tenure in 2019, yet ordinary residents have yet to witness any positive impact on their daily lives.

He said, “Investigation indicates that Governor Seyi Makinde has incurred over N500 billion in debts between May 2019 and June 2025.

“This borrowing spree has continued unabated despite the substantial increase in Oyo State’s federal allocations from the Federation Accounts Allocation Committee (FAAC) and significant improvements in Internally Generated Revenue (IGR).
“In fact, Oyo State’s monthly FAAC allocation reportedly rose by over 40 per cent between 2019 and 2025, and the state’s IGR figures have hit record highs. Unfortunately, none of these fiscal improvements have translated into improved public services or meaningful development outcomes for the people.”

Alao decried the governor’s failure to prioritise essential sectors such as healthcare, education, and road infrastructure, pointing out glaring gaps in these areas despite the availability of resources.

He lamented that despite increased funds, basic amenities remain inaccessible, and critical projects lag behind, underscoring an administration seemingly more focused on inflating debt than ensuring tangible progress.
The APC chieftain also berated Speaker Debo Ogundoyin and members of the state House of Assembly for rubber-stamping the new secret loan approval during recess without due process, describing this as “governance by impunity at its worst.”

According to Alao, the legislature has been emasculated and turned into a mere tool to legitimize the executive’s demands, thereby undermining the checks and balances fundamental to democratic governance.

He warned that such unchecked borrowing poses a grave threat to the financial sustainability of Oyo State, potentially saddling future administrations and generations with unmanageable debt.

Alao then urged stakeholders and citizens of the state as a whole to demand full transparency and accountability from the administration of Governor Makinde and to resist backdoor agreements that jeopardise the state’s fiscal health.