Analyst seeks publication of loan agreements, repayment schedules, debt profile within 24 hours
A public analyst, Adebisi Adeyemo, has called on the Oyo State Government to disclose details of its recent borrowing arrangements, raising concerns about the financial obligations that may extend beyond Governor Seyi Makinde’s administration.
Adeyemo’s call follows the reported approval by the Oyo State House of Assembly on October 21, 2026, of a fresh ₦100bn loan request by the governor from United Bank for Africa, alongside a ₦300bn facility to refinance an existing contractors’ financing arrangement with Access Bank.
He noted that while the ₦300bn facility represents the refinancing of an existing obligation rather than entirely new borrowing, the reported arrangement would reduce the interest rate from 26 per cent to 22 per cent.
He added that the fresh ₦100bn loan reportedly carries an interest rate of 22 per cent, subject to review, with a repayment period of 48 months.
According to the analyst, although government borrowing could be justified when used to finance critical infrastructure such as roads, schools and hospitals, the financial implications must be made clear to residents.
Adeyemo particularly expressed concern that Makinde’s tenure would end in May 2027, while the repayment period of the proposed fresh loan would extend beyond his administration.
He questioned whether residents would inherit completed projects capable of justifying the financial commitments or debt obligations that could constrain the ability of subsequent administrations to provide essential public services.
The analyst therefore urged Governor Makinde, the state Ministry of Finance, the Debt Management Office and the House of Assembly to make relevant financial documents available to the public within 24 hours of the publication of his appeal.
He listed the documents to be disclosed to include the complete loan and refinancing agreements, interest rates, associated fees, repayment schedules, security arrangements and guarantees.
Others, according to him, are the state’s current total debt profile, projected annual debt-servicing costs, specific projects to be financed with the fresh ₦100bn, cost-benefit assessments, debt sustainability analysis and legislative approval documents.
Adeyemo also called on the House of Assembly to explain the financial scrutiny undertaken before approving the borrowing arrangements, stressing that legislative oversight should go beyond granting executive requests to examining their long-term implications.
He maintained that the 24-hour deadline was a public accountability challenge and not a claim that existing legislation imposes such a specific publication deadline.
The analyst further argued that any contractual provisions considered legitimately confidential should be accompanied by an explanation of the legal grounds for withholding them, while the remaining information should be made accessible to the public.
Citing Section 14(2) of the 1999 Constitution, as amended, and Section 22 of the Freedom of Information Act, 2011, Adeyemo said public welfare and accountability should remain central to decisions involving government resources.
He stressed that his concerns should not be interpreted as an allegation of financial misconduct or dismissed as political hostility, noting that both supporters and critics of the present administration have a legitimate interest in understanding the state’s financial commitments.
“Governor Makinde will leave office, but Oyo State will remain. Political tenures expire; public financial obligations may not,” he said.
Adeyemo called on the state government to provide documented explanations of the borrowing arrangements and their implications for Oyo State beyond 2027.
He added that residents deserved to know how long the state would continue servicing loans inherited from the present administration and the implications for future generations.
