Oyo Lawmaker Questions “Secret” N300B Loan Approval
Hon. Shittu Ibraheem, representing Saki West constituency, has flagged the approval of a N300 billion loan for Oyo State, describing it as secretive and unauthorized. The loan, approved on August 19 and perfected on August 26, allegedly occurred during a 6-week House recess.
Ibraheem distanced himself from the approval and questioned why the loan was needed, citing a 500% increase in FAAC allocations to the state.
Financial records show Oyo State had already borrowed N93.4 billion in Q2 2025 and spent N18.6 billion on debt servicing in the first half of the year. Critics also questioned a recent N63.5 billion overhaul of Government House.
#OyoState #Transparency #Governance #Nigeria #PublicFunds
Hon. Shittu Ibraheem, representing Saki West constituency, has flagged the approval of a N300 billion loan for Oyo State, describing it as secretive and unauthorized. The loan, approved on August 19 and perfected on August 26, allegedly occurred during a 6-week House recess.
Ibraheem distanced himself from the approval and questioned why the loan was needed, citing a 500% increase in FAAC allocations to the state.
Financial records show Oyo State had already borrowed N93.4 billion in Q2 2025 and spent N18.6 billion on debt servicing in the first half of the year. Critics also questioned a recent N63.5 billion overhaul of Government House.
#OyoState #Transparency #Governance #Nigeria #PublicFunds
Oyo Lawmaker Questions “Secret” N300B Loan Approval
Hon. Shittu Ibraheem, representing Saki West constituency, has flagged the approval of a N300 billion loan for Oyo State, describing it as secretive and unauthorized. The loan, approved on August 19 and perfected on August 26, allegedly occurred during a 6-week House recess.
Ibraheem distanced himself from the approval and questioned why the loan was needed, citing a 500% increase in FAAC allocations to the state.
Financial records show Oyo State had already borrowed N93.4 billion in Q2 2025 and spent N18.6 billion on debt servicing in the first half of the year. Critics also questioned a recent N63.5 billion overhaul of Government House.
#OyoState #Transparency #Governance #Nigeria #PublicFunds
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