Governor Makinde’s Tenure Ends In May 2027, But Will Oyo’s Debt Remain? | Adebisi Adeyemo

Political independence gave Nigerians the right to determine their own future. But what happens when the financial decisions of today’s political leaders may shape the lives of generations who had no voice in making them?

This question deserves urgent attention following the Oyo State House of Assembly’s approval, on October 21, 2026, of Governor Seyi Makinde’s request for a fresh ₦100 billion loan from United Bank for Africa (UBA), alongside a ₦300 billion facility to refinance an existing contractors’ financing arrangement with Access Bank.

The distinction is important. The ₦300 billion represents refinancing of an existing obligation, not entirely new borrowing. The reported arrangement would reduce the interest rate on that facility from 26 to 22 per cent, while the fresh ₦100 billion loan carries a reported 22 per cent interest rate, subject to review, with a repayment period of 48 months (allegedly).

Borrowing is not inherently wrong. Governments may legitimately borrow to finance roads, hospitals, schools and other infrastructure. Refinancing at a lower interest rate may also reduce borrowing costs. However, the financial benefits must be established through evidence, not assumed from political announcements.

Governor Makinde’s tenure ends in May 2027, while the repayment period for the fresh loan extends beyond his administration. This raises a fundamental question: What exactly will the people of Oyo State inherit when the governor leaves office?

Will they inherit completed infrastructure that justifies the financial commitments, or repayment obligations that restrict the ability of future governments to provide essential public services? Only transparent financial records can provide a credible answer.

Accountability is not optional in public governance. Section 14(2) of the 1999 Constitution of the Federal Republic of Nigeria, as amended, alongside Section 22 of the Freedom of Information Act, 2011, establishes that sovereignty belongs to the people and identifies their security and welfare as the primary purpose of government.

Furthermore, the Oyo State Debt Management Law provides a framework for managing government borrowing and debt obligations. These principles demand meaningful public scrutiny of decisions involving public resources.

I therefore call on Governor Seyi Makinde, the Oyo State Ministry of Finance, the Debt Management Office and the Oyo State House of Assembly to publish, within 24 hours of this article’s publication, the relevant documents and financial disclosures concerning these borrowing arrangements.

Specifically, the public should have access to:

* The complete loan and refinancing agreements, including interest rates, fees, repayment schedules and security or guarantees.
* The state’s current total debt obligations.
* The projected annual debt-servicing costs.
* The specific projects to be financed with the fresh ₦100 billion.
* The cost-benefit and debt sustainability assessments.
* The legislative approval documents establishing the basis for these decisions.

If any contractual provisions are legitimately confidential, the government should explain the legal grounds for withholding them and publish the remaining information in an accessible form.

The requested 24 hours is a public accountability challenge, not a claim that legislation imposes that particular publication deadline. It is an opportunity for the government to demonstrate its commitment to openness.

The House of Assembly also owes the public an explanation of the financial scrutiny undertaken before granting approval. Legislative oversight must extend beyond approving executive requests to examining their long-term implications.

This is not an allegation of financial misconduct, nor should legitimate questions about public borrowing be dismissed as political hostility. Citizens who support the governor and those who oppose him have an equal interest in understanding the state’s financial commitments.

Our forefathers fought for political independence so Nigerians could determine their collective destiny. That freedom carries a responsibility to protect future generations from avoidable financial burdens and decisions made without adequate public explanation.

Governor Makinde will leave office, but Oyo State will remain. Political tenures expire; public financial obligations may not.

The government should therefore, within 24 hours after this publication, present the relevant facts to the people and explain what these financial commitments mean for Oyo State beyond 2027.

How long will Oyo continue to service the loans inherited from this administration, and at what cost to future generations?

The people of Oyo deserve a documented answer.