The All Progressives Congress (APC) governorship candidate in Oyo State, Senator Sharafadeen Alli, has warned Governor Seyi Makinde against excessive borrowing and questionable spending as his administration approaches the end of its tenure.
Alli, through his campaign organisation, cautioned that financial decisions taken in the remaining months of the administration must not mortgage the future of the state or impose unnecessary debt burdens on the incoming government and future generations.
In a statement issued on Tuesday and signed by Bisi Oladele, Director of Media and Publicity of the Sharafadeen Alli Campaign Organisation, the APC candidate expressed concern over reports that the state government was preparing to obtain another ₦100 billion loan from a commercial bank.
The organisation also criticised the proposed expenditure of ₦4.2 billion on local government elections, which it said had become a subject of litigation involving members of the ruling party.
The campaign organisation’s concerns come amid the approval of a ₦200 billion bond by the Oyo State House of Assembly in June, reportedly intended to refinance existing debts.
While acknowledging Makinde’s constitutional authority to govern until the expiration of his tenure, Alli warned that the remaining months must not become an opportunity for reckless expenditure or the creation of financial liabilities that could constrain the next administration.
“The reported ₦100 billion commercial bank facility raises fundamental questions about its justification, given commercial banks’ high interest rates, purpose, repayment structure, collateral arrangements and the projects it is intended to finance,” the statement said.
On the proposed bond, the campaign organisation demanded full disclosure of the existing debts to be refinanced, their interest obligations, the bond’s pricing and maturity period, as well as the projected financial savings for the state.
It also cautioned commercial banks and other financial institutions against granting loans to the state government without conducting proper due diligence and assessing Oyo State’s repayment capacity.
The organisation further called on the state government to publish an updated account of its domestic and external debts, debt-servicing obligations, outstanding contractual liabilities and projected fiscal position ahead of the inauguration of a new administration in May 2027.
It urged the Oyo State House of Assembly to exercise strict oversight over borrowing proposals and major expenditure approvals, warning lawmakers against treating executive requests as routine matters.
“The people of Oyo State must not be presented with a mountain of debts and irreversible financial commitments on May 29, 2027,” the statement added.
The campaign organisation insisted that every loan and expenditure must be justified, transparent and beneficial to the people, urging Makinde to ensure responsible financial management until the end of his tenure.
