By Ademola Ade
The All Progressives Congress (APC) governorship candidate in Oyo State, Senator Sharafadeen Alli, has challenged Governor Seyi Makinde to publish a comprehensive account of the state’s debts and financial commitments, warning against fresh borrowing that could saddle the incoming administration with unsustainable liabilities.
Alli, through his campaign organisation, also questioned a reported proposal for a N100 billion commercial bank loan and the planned N4.2 billion expenditure on local government elections reportedly facing legal challenges from members of the ruling Peoples Democratic Party (PDP).
The campaign organisation said the state government must explain the rationale for major borrowing and expenditure decisions as Makinde approaches the end of his tenure in May 2027.
In a statement issued on Tuesday and signed by Bisi Oladele, Director of Media and Publicity of the Senator Sharafadeen Alli Campaign Organisation (SSACO), the APC candidate’s camp warned that commitments made in the closing months of the administration could constrain the financial and policy options available to its successor.
The intervention comes months after the Oyo State House of Assembly approved a N200 billion bond in June to refinance existing debts, raising fresh questions from the opposition campaign about the state’s borrowing plans and the expected benefits of the proposed refinancing.
While acknowledging Makinde’s constitutional authority to govern until the end of his tenure, SSACO urged the governor to exercise restraint and ensure that every financial commitment was justified and open to public scrutiny.
The organisation cautioned against what it described as governing like a “drunken sailor”, warning that the remaining months of the administration must not become an opportunity for excessive spending or questionable borrowing.
“We, however, warn that the remaining months of his term limit must not become an opportunity for reckless expenditure, questionable borrowing or the creation of financial liabilities that could constrain future governments,” the statement said.
On the reported N100 billion commercial bank facility, the campaign organisation demanded explanations on its purpose, interest rate, repayment structure, collateral arrangements and the projects it would finance.
“The reported N100 billion commercial bank facility raises fundamental questions about its justification given commercial banks’ high interest rate, purpose, repayment structure, collateral arrangements and the projects it is intended to finance,” it stated.
SSACO also demanded full details of the N200 billion bond approved by the state legislature, including the existing debts to be refinanced, their interest obligations, the bond’s pricing and maturity period, and the projected savings the arrangement would generate.
It said the public needed sufficient information to determine whether the refinancing would improve the state’s fiscal position or create additional financial pressure.
The organisation further urged the government to publish an updated account of domestic and external debts, debt-servicing obligations, outstanding contractual liabilities and the state’s projected financial position before the next administration assumes office in May 2027.
Beyond the state government, the APC candidate’s camp called on the Oyo State House of Assembly to strengthen its oversight of borrowing proposals and major expenditure approvals.
It urged lawmakers to scrutinise requests from the executive and ensure that all financial commitments complied with relevant laws and served the public interest.
The organisation also cautioned commercial banks and other financial institutions against extending credit to the state government without adequate due diligence and a careful assessment of its repayment capacity.
“Financial institutions cannot afford to disregard prudential lending standards merely because a sitting governor is seeking credit facilities. The protection of public funds and the long-term financial stability of Oyo State must take precedence over short-term commercial interests,” the statement added.
On the reported N4.2 billion expenditure for local government elections, SSACO questioned the proposed spending in light of the reported legal challenges involving members of Makinde’s party.
The campaign organisation’s position is that major spending decisions should be subjected to scrutiny, particularly where their timing and implications could affect the incoming administration.
It insisted that the governor’s remaining months in office should not be used to commit the state to financial obligations that could limit the choices of his successor.
“Let Governor Makinde be reminded that the remaining seven months of his tenure are not a licence to mortgage the future of Oyo State,” the statement said.
It added: “Every kobo borrowed today must be justified, every expenditure must withstand public scrutiny, and every financial commitment must serve the enduring interests of our people.”
The campaign organisation urged Makinde to ensure that the state’s financial position and outstanding obligations were transparently documented before the transition to a new administration.
“The people of Oyo State must not be presented with a mountain of debts and irreversible financial commitments on May 29, 2027. We will continue to demand accountability and insist on compliance with the law,” it said.
SSACO concluded by urging the governor to remain accountable in the discharge of his responsibilities until the end of his tenure, stressing that decisions taken before the transition should protect, rather than undermine, the state’s long-term financial stability.
