The African Action Congress (AAC) in Oyo State has accused Governor Seyi Makinde of planning to use a proposed ₦100 billion loan to pursue political interests and secure personal benefits, describing the borrowing plan as a scam that could plunge the state into prolonged debt.
The party made the allegations in a press statement dated October 22, 2026, and signed by its Oyo State Chairman, Kayode Babayomi.
The proposed loan, which is currently before the Oyo State House of Assembly for approval, is intended to fund the completion of ongoing projects across the state.
However, the AAC questioned the justification for the borrowing, insisting that there were no significant ongoing projects in the state that warranted a loan of such magnitude.
The party accused Makinde of neglecting governance for more than six months while allegedly concentrating on his presidential ambition and efforts to install a preferred successor ahead of the next administration.
“This is nothing but an attempt to plunge the state into perpetual debt,” the party said, warning that the proposed borrowing could impose a significant financial burden on the government that succeeds Makinde.
The AAC further alleged that the proposed loan was designed to serve the interests of the outgoing administration rather than address the needs of Oyo State residents.
It also questioned the management of the state’s internally generated revenue (IGR), noting that Makinde had repeatedly highlighted the state’s revenue performance.
“The same Makinde who constantly boasts about the state’s internally generated revenue IGR, where is the IGR going?” the party asked.
The opposition party called on members of the Oyo State House of Assembly to reject the loan proposal, arguing that their decision would determine whether they were acting in the interests of the people or supporting what it described as a questionable borrowing plan.
“Although we know the Assembly is in Makinde’s pocket, rejecting this proposal at this critical time will demonstrate whether or not they are complicit,” the statement said.
The AAC also renewed its call on the Economic and Financial Crimes Commission (EFCC) to closely monitor the state’s expenditure, insisting that the proposed borrowing and the management of public funds required greater scrutiny.
The party warned that Makinde would face scrutiny after leaving office, although it did not provide specific details of any alleged financial wrongdoing in the statement.
It also urged residents and indigenes of Oyo State to oppose the proposed loan, warning that the financial consequences could extend beyond the current administration and affect the next government and the wider population.
Questioning the need for the borrowing, the party argued that Makinde should allow his preferred successor to assume office and complete the projects the government had identified as ongoing rather than commit the state to additional debt.
The AAC maintained that the proposed ₦100 billion loan was unjustified and urged lawmakers to reject it before it could receive legislative approval.
“We maintain that this proposed ₦100 billion loan is nothing but a scam and must be rejected,” the statement added.