The Oyo State Government has denied reports that it secured a fresh N300 billion loan, describing the claims as misinformation.
The allegation was raised by Ibrahim Shittu, a lawmaker representing Saki West State Constituency, who said he was not informed of an emergency plenary on August 19 where the loan was allegedly approved.
In response, the government clarified that the House of Assembly only approved two financing arrangements: N149 billion for refinancing existing loans on better terms, and N151 billion for infrastructure investment and contractor financing. Officials explained that refinancing does not constitute new borrowing but rather reduces repayment costs, while the contractor financing model supports project delivery without overstretching government funds.
A statement signed by the governor’s media adviser, Sulaimon Olanrewaju, criticised the APC lawmaker for what it described as misrepresentation of facts.
The government also dismissed claims that federal allocations to Oyo had risen by 500 per cent, stating that the actual increase was about 75 per cent.
According to the statement, the financing plan will support major projects including the second phase of the 110-kilometre Circular Road, the upgrade of Samuel Ladoke Akintola Airport, and construction of feeder roads across the state.
The government noted that Oyo’s internally generated revenue has grown from about N20 billion in 2018 to over N70 billion in 2025, attributing the increase to strategic financial management rather than higher taxation.
Officials maintained that the administration remains committed to transparency and sustainable growth, while urging the public to disregard what they described as politically motivated claims.
