N20 billion loan, Makinde’s plan to plunge Oyo into bankruptcy, says APC

The All Progressives Congress (APC) in Oyo State has condemned the recent nod given by the House of Assembly to Governor Seyi Makinde to borrow N20 billion, describing it as manifestation of the current administration’s resolve to plunge the state into bankruptcy.

Noting that the loans taken by the current government amassed to about N40 billion within a year, the APC expressed worry that the state may be subjected to life-threatening debt without tangible achievement at the end of four years and bankruptcy.

According to the party, in a statement by its Assistant Publicity Secretary, Mr Ayobami Adejumo, it was high time the state House of Assembly lived up to its duty of checks and balances to prevent financial recklessness and high handedness by the executive arm.

Describing the approval of N20 billion as a sour grape in the mouth of people of Oyo State, the APC questioned what particular projects the loan was attached to.

“The whole world was again taken aback on Tuesday when it was reported that Governor Makinde was to get another fresh loan of N20 billion which was not even tied to anything concrete. That brought the sum total of loan facilities already taken, in about 11 months, to over N40 billion. The previous being a N10 billion infrastructure loan, N7.6 billion agricultural loan purportedly for the upgrade of two farm settlements in Akufo and Eruwa and another N2.5 billion health loan.

“All this happened at the same period when monthly federal allocations, refunds from Federal Government, monetary grants and donations came in simultaneously and without anything to show for it.

“The development is a clear manifestation of the PDP administration’s resolve to subject the state to bankruptcy and thus bring it down to her knees in no time while the governor and a few people within the corridor of power must have succeeded in enriching themselves and some private institutions where they have interest.

“Up till today, Governor Makinde is still commissioning key projects put in place by his predecessor while he has never done convincing on the few ones he plans to do on his own. Now, our concern is that Makinde may be out to plunge the state into life-threatening debt without any tangible thing to show after his four year tenure.”

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