The All Progressives Congress (APC) governorship candidate in Oyo State, Senator Sharafadeen Alli, has warned Governor Seyi Makinde against reckless spending and fresh borrowing in the remaining months of his administration, saying the state must not be burdened with debts that could constrain the next government.
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Alli, through his campaign organisation, raised concerns over reports that the Makinde administration was planning to obtain another N100 billion commercial bank loan and spend N4.2 billion on the local government election amid ongoing litigation involving members of the governor’s party.
In a statement signed by Bisi Oladele, Director of Media and Publicity for the Sharafadeen Alli Campaign Organisation, on Tuesday, the campaign said financial decisions taken before the end of Makinde’s tenure must not mortgage Oyo State’s future.
The warning comes months after the Oyo State House of Assembly approved a N200 billion bond in June to refinance existing debts, according to the statement.
The campaign organisation said the reported N100 billion loan raised questions about its purpose, interest rate, repayment structure, collateral arrangements and the projects it was intended to finance.
“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.
It added that the reported commercial bank facility required public scrutiny, particularly in view of the interest rates charged by commercial lenders.
On the N200 billion bond, the campaign demanded full disclosure of the debts to be refinanced, the interest obligations attached to them, the proposed bond’s pricing and maturity period, and any savings expected from the transaction.
The organisation also cautioned commercial banks and other financial institutions against granting loans to the state government without assessing its repayment capacity and ensuring compliance with financial regulations.
“We warn that any financial institution that lends recklessly or on unreasonable terms to the Makinde administration should be prepared to answer serious questions about its lending decisions and bear responsibility for any breaches of applicable laws and regulations,” the statement added.
The campaign further urged the state government to publish an updated account of Oyo’s domestic and external debts, debt-servicing obligations, outstanding contractual liabilities and the projected financial position the next administration would inherit in May 2027.
It also called on the Oyo State House of Assembly to scrutinise borrowing proposals and major spending approvals rather than treating requests from the executive as routine.
“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 authority to govern is not an unrestricted authority to borrow, spend or burden generations yet unborn with questionable financial obligations,” the statement said.
The organisation 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.”
It warned that the state must not hand over what it described as a mountain of debts and irreversible financial commitments to the incoming administration on May 29, 2027.
The statement concluded by urging Makinde to remain accountable and govern responsibly until the end of his tenure, insisting that public office was “a sacred trust, not a blank cheque to spend and borrow without restraint.”
