The Socialist Party of Nigeria (SPN), Oyo State Chapter, has urged the public to probe the N7.6 billion agric loan acquired by the Seyi Makinde administration.
The party, in a statement signed by its Secretary, Ayodeji Adigun, also condemned the recent claim made by the Commissioner for Agriculture and Rural Development Olasunkanmi Olaleye, in which he portrayed the state government’s performance in the agricultural sector as one of “unprecedented success.”
“We find this claim to be not only grossly misleading but a calculated attempt to divert public attention from the well-documented failure of the Makinde administration in addressing food insecurity and transforming the agricultural sector in Oyo State. The reality facing the people of Oyo State stands in sharp contrast to the Commissioner’s narrative. Food prices continue to skyrocket, making basic necessities unaffordable for the mass majority of the working people. According to the National Bureau of Statistics (NBS), Oyo State recorded one of the highest food inflation rates in Nigeria as of March 2025, with a year-on-year food inflation rate of 34.41% and a month-on-month rate of 19.74%. These figures obviously underscore the harsh economic reality faced by ordinary citizens and decisively contradict the commissioner’s claims of improved food supply or agricultural success in Oyo State.
Despite official propaganda and media rhetoric by the state government, Oyo State remains heavily dependent on food transported from other parts of the country, especially the North, for essential items such as tomatoes, pepper, onions, and meat. The truth is that local food production has failed to keep pace with growing demand in the state. The government’s much-touted “interventions” have had little or no visible impact on market conditions. Instead, our markets continue to reflect scarcity, exorbitant prices, and deepening hardship,” the party’s statement read.
“Also troubling is the glaring lack of transparency surrounding the Makinde-led administration’s agricultural programs and finances. In 2019, the state government secured a ₦7.6 billion loan from the Central Bank of Nigeria, purportedly to upgrade two farm estates in the state. However, there has been no detailed public disclosure of how this significant loan was utilized. On the contrary, reports suggesting that the funds have since been redirected to other purposes only serve to heighten suspicions of financial mismanagement or diversion.
“We equally note that, under the so-called Sustainable Action for Economic Recovery (SAfER) initiative, the government claimed it had disbursed ₦1 billion in loans to farmers, ranging from ₦250,000 to ₦1 million per beneficiary. It also boasted of distributing seeds, herbicides, and veterinary support to over 2,500 farmers. Yet, these figures remain unverifiable. Again, no independent assessments or impact evaluations have been released to show whether these initiatives made any real difference in food production, food prices, or farmers’ livelihoods.
“It is in the light of these inconsistencies side by side the worsening economic hardship experienced by the working people, the SPN urges the Oyo State Government to put an end to the use of propaganda and instead offer the public genuine and verifiable information about its agricultural programs. To begin with, the government needs to publish clear and comparative data that shows whether there has truly been an increase in the production of major food crops and livestock across the state. This information should include year-on-year figures that clearly demonstrate whether there have been any measurable improvements. In addition, the state government should provide independently verified and verifiable statistics on the farmers who have actually benefited from the various loan schemes and agricultural support programs. These records must go beyond vague estimates and should include necessary details such as the names and locations of the beneficiaries, as well as the specific type of assistance they received. Making this information public is necessary to ensure transparency and allow for independent scrutiny. The government should also release credible data drawn from market surveys that can show whether food prices have genuinely declined or food availability has improved as a result of its interventions. If the administration is sincere in its claims of having achieved food security, this should be evident in the improved affordability of essential food items in markets across the state.
“We also call on the state government to come forward with a full and transparent account of how the ₦7.6 billion loan, acquired in the name of agricultural development, and has been spent. This should include a comprehensive list of the projects the loan was used to fund, the amounts allocated to each initiative, a breakdown of actual disbursements, and verifiable evidence of the outcomes achieved. Without this level of openness, the public will have every reason to believe that the loan has either been mismanaged or diverted away from its intended purpose. Until these data and disclosures are made available to the public and subjected to independent scrutiny, the SPN maintains that the government’s self-congratulatory statements on agricultural progress are nothing more than baseless propaganda. Public resources, especially borrowed funds, must not be used to mask incompetence or deceive the public with hollow development narratives. What Oyo State truly needs is not another round of political spin, but a transparent, people-oriented, and results-driven agricultural policy. One that genuinely improves food production, brings down food prices, empowers smallholder farmers, and ensures the responsible use of public funds. Anything less than this is a betrayal of the people’s trust.
“In this regard, the SPN calls on the state leadership of the labour movement, particularly the Nigeria Labour Congress, (NLC) and Trade Union Congress, (TUC), civil society organisations, and all progressive-minded individuals to demand a democratic public probe into the ₦7.6 billion agricultural loan. The people of Oyo State have a right to know the truth about how their collective resources are managed,” the statement added.