The African Democratic Congress (ADC) in Oyo State has accused the All Progressives Congress (APC) of hypocrisy over its reported threat to demand a refund of the ₦400 billion borrowing and refinancing arrangement by Governor Seyi Makinde’s administration.
The ADC said the Oyo APC could not credibly present itself as a defender of fiscal accountability in the state while allegedly ignoring what it described as reckless borrowing and fiscal inconsistencies by the Federal Government.
The party stated this in an official press statement dated October 23, 2026, and signed by its State Publicity Secretary, Chief Rotimi Johnson Ojasope.party stated this in an official press statement dated October 23, 2026, and signed by its State Publicity Secretary, Chief Rotimi Johnson Ojasope.
It described the APC’s position on the borrowing arrangement as an exercise in “selective accountability,” insisting that scrutiny of public borrowing must apply equally to governments at all levels, irrespective of political affiliation.
The ADC questioned the Federal Government’s borrowing practices following the removal of the petrol subsidy, asking why Nigerians continued to face severe economic hardship despite assurances that subsidy savings would be channelled into development.
“Where is its outrage over overlapping federal budgets and borrowing after subsidy removal?” the party asked, challenging the Oyo APC to explain the apparent contradiction.
However, the ADC maintained that its concerns about the Makinde administration’s financial decisions remained unresolved.
It recalled its October 21 statement titled, “Oyo Fresh Loan: Refinancing or Campaign Funding?”, saying the questions raised in the statement still required answers from the state government.
The party demanded a detailed explanation of the reported ₦300 billion refinancing arrangement and ₦100 billion fresh loan, insisting that the two components should be clearly distinguished.
It also called for the publication of the relevant lender agreements, confirmation of the reported 22 per cent interest rate and 48-month repayment period, and disclosure of the contractors covered by the refinancing arrangement.
Additionally, the ADC demanded details of the projects to be financed with the fresh borrowing and an explanation of the reported ₦4.2 billion provision for local government elections.
According to the party, dismissing critics as ignorant would not substitute for documentary evidence and transparency in the management of public funds.
The ADC, however, warned the Oyo APC against condemning the state government’s financial decisions while allegedly overlooking similar concerns at the federal level.
It stressed that it would neither shield Makinde from legitimate scrutiny nor allow the APC to exploit public concerns over the state’s finances while avoiding questions about the Federal Government’s record.
The party said the people of Oyo State deserved transparent governance, responsible borrowing and a credible political alternative rather than what it described as the transfer of federal recklessness to Ibadan.
The statement did not include a response from the Oyo APC or the state government to the allegations and demands contained in the ADC’s position.
