Gov Clarifies N7.6bn Loan Request

Governor Seyi Makinde of Oyo State last Saturday reacted to the controversial seven billion, six hundred thousand Naira (N7.6b) Central Bank of Nigeria loan which he requested the State House of Assembly to approve.
Makinde had last Thursday in a letter addressed to the State House of Assembly, urged the Assembly to grant him the approval to borrow the loan aimed at boosting farm settlements in Akufo in Ido Local Government Area and Eruwa in Ibarapa East Local Government Area of the state.
Several criticisms have trailed the approval which many described as hasty by the House of Assembly.
The State chapter of the All Progressives Congress (APC), on Friday, berated Makinde and the Speaker of the State House of Assembly, Adebo Ogundoyin, over what it called “hasty” approval of the loan.
But, Makinde said that his government noticed deliberate misconceptions and misinformation on the loan facility, saying it was an attempt to colour the truth to confuse the unsuspecting public.
Makinde who spoke through his Chief Press Secretary, Mr. Taiwo Adisa, said that certain misinformation, misconception and outright mischief in the interpretations are being given to the loan.
Adisa said, “The misconceptions and misinformation that Governor Makinde was going for a loan of N7.6 billion is a deliberate attempt to colour the truth and it is an indication of a political move by certain commentators who are exhibiting apparent amnesia on the matter.
“Governor Makinde is not seeking for a fresh loan. The action that was taken by the House of Assembly of Oyo State last Thursday was to give the legislative nod to the State Government to access the fund that had already been domiciled with the government since the days of ex-governor Ajimobi.
“The Governor’s decision to approach the House of Assembly was a mark of his belief in due process, the rule of law and its processes. Ordinarily, some state executives would just have proceeded to spend the funds since it was already in the coffers of the state, but Governor Makinde won’t do that.
“You may wish to recall that sometimes in 2017, the Central Bank of Nigeria (CBN) had approved some funds under the Commercial Agriculture Credit Scheme (CACs) for disbursement to four states including Ekiti; Osun; Oyo and Abia.
“Somehow, the immediate past administration of Governor Ajimobi chose to delay access to that money until April 2019, when the governorship election of 2019 election had been won and lost. That government intended to expend the said money on the purchase of “Agriculture equipment” in less than two months to the end of its tenure. Allowing access to that money within a month of Ajimobi’s exit could only be counter-productive for the people of Oyo State.