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Oyo N300 Billion Loan Claim False, Makinde Govt Insists in Strong Rebuttal

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Oyo N300 billion loan claim

Oyo N300 billion loan claim dismissed by Makinde government, clarifying that approved funds are for refinancing and infrastructure projects

Oyo N300 billion loan claim has been dismissed by the Oyo State Government, which described reports suggesting Governor Seyi Makinde’s administration had taken a fresh loan as mischievous and reckless.

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Also read: PDP Zoning Feud Escalates Between Wike Aide, Makinde

The clarification came in a statement signed by Dr. Sulaimon Olanrewaju, Special Adviser (Media) to the governor, on August 28 and shared Friday via X.

The government explained that the Oyo State House of Assembly only approved two financing arrangements: ₦149 billion for loan refinancing and ₦151 billion for infrastructure investment and contractor financing.

According to the statement, the refinancing plan is not new borrowing but “responsible financial management” that lowers repayment burdens, while contractor financing ensures timely delivery of projects without straining government cash flow.

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The government criticised APC lawmaker Ibrahim Shittu, who raised the allegation, accusing him of skipping plenaries and misrepresenting financial figures.

“That the lawmaker cannot distinguish between a 75 per cent increase and 500 per cent only confirms that he neither understands figures nor governance,” the statement read.

Highlighting achievements, the government said Internally Generated Revenue (IGR) has risen from ₦20 billion in 2018 under the APC to over ₦70 billion in 2025, without burdening citizens with new taxes.

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It noted that the financing arrangement would fund major projects, including:

* Phase 2 of the 110 km Rashidi Ladoja Circular Road
* Completion of Samuel Ladoke Akintola Airport upgrade
* Construction of feeder roads across all zones

Also read: Makinde declares 2027 presidential ambition, vows focus on current duties

The statement further contrasted Makinde’s record with the APC’s tenure, which it described as “eight years of misrule” marked by unpaid salaries, abandoned projects, and suffocating debts.

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Probe Into Fake Federal Agencies Not Over, ICPC Insists

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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has said its investigation into the alleged operation of fake federal agencies within the Federal Government is still ongoing, despite the reinstatement of two permanent secretaries suspended over the matter.

The commission maintained that it stood by its earlier findings that other purported fake agencies had been discovered during its investigations, adding that further action would be announced when the process was concluded.

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ICPC spokesperson, John Odey, disclosed this while responding to an enquiry on the status of the investigation in Abuja.

He said the commission was still examining the allegations and had yet to decide whether the findings would result in further court action.

“The ICPC stands by what it said about finding out in the course of our investigations that there were some other fake agencies. Investigations are ongoing.

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“As usual, when the ICPC is ready to either go to court or not to go to court, we would let you know. But for now, investigations are ongoing. Let it be on record that the ICPC stands by what it said before,” Odey said.

The commission had on August 21, 2026, announced the discovery of a purported fake federal agency operating under the name National Brands Development and Made in Nigeria Special Project Office.

The ICPC alleged that the organisation was promoted by George Buchi Nwabueze, with the suspected involvement of senior public servants in the Office of the Secretary to the Government of the Federation (OSGF).

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Following the disclosure, President Bola Tinubu ordered Nwabueze’s arrest and the suspension of three permanent secretaries: Mohammed Danjuma, Nandungu Gagare and Richard Pheelangwa.

The discovery emerged during the commission’s wider investigation into the activities of the purported Presidential Foreign Intervention Promotion Council (PFIPC), which was allegedly operated by Adeniyi Adeyemi Matthew.

The ICPC had earlier reported that its investigation into the PFIPC uncovered two other purported organisations allegedly linked to Adeyemi: the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency and Public-Private Partnership.

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According to the commission, the investigation found that the PFIPC was not established by any law, executive order or other valid government instrument. It also alleged that documents presented to support the organisation’s existence, including an appointment letter, were forged.

The commission further said there was no evidence that Federal Government funds had been approved or disbursed to the purported council.

However, Nwabueze denied the allegation that the National Brands Development and Made in Nigeria Special Project Office was fake, insisting that the project office had existed within the OSGF since July 16, 2010.

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He questioned why an initiative that had allegedly been operating for 16 years was suddenly being described as fictitious.

Meanwhile, two of the three permanent secretaries suspended following the discovery have since been reinstated.

Mohammed Danjuma, Permanent Secretary, Finance (Special Duties), was reinstated following presidential approval conveyed in a letter dated October 22, 2026, by the Head of the Civil Service of the Federation, Olumuyiwa Abel. His reinstatement took effect on October 21.

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Similarly, Richard Pheelangwa, Permanent Secretary in the Ministry of Defence, resumed duty on November 3 after the Federal Government lifted his suspension.

The Minister of Defence, Christopher Musa, formally welcomed Pheelangwa back to the ministry, according to a statement by the minister’s media adviser, Leah Katung-Babatunde.

The reinstatements have, however, not brought the ICPC investigation to an end, as the commission says it is continuing efforts to establish the full circumstances surrounding the alleged operations of the purported agencies and identify anyone who may have facilitated them.

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