Oyo Governor Makinde Borrows N93.4billion In Three Months, Nearly Twice As IGR In Six Months

A SaharaReporters' review of the Oyo State budget performance document for the second quarter of 2025 has shown that the state borrowed N93.4 billion during that period.

The review shows that N93.4 billion was borrowed within three months (April to June), representing the second quarter of the year. In contrast, between January and March — the first quarter — no borrowing was recorded by the state.

Checks also show that the money was borrowed from domestic sources.

This amount is nearly twice the sum the state generated internally as revenue between January and June 2025.

According to official budget performance documents, the independent revenue generated by the state stood at N47.4 billion.

In the same period — January to June 2025 — Oyo State spent N18.6 billion on public debt charges, the review of the budget performance document shows.

Amid its heavy reliance on loans and the resultant increase in debt charges, SaharaReporters earlier reported in June that the Oyo State Executive Council approved the sum of N63,479,858,000 for the overhauling of Government House structures.

According to a statement by the state's Commissioner for Information and Orientation, Dotun Oyelade, in Ibadan, the state capital, the "government house was in an embarrassing state and was an unbefitting facility."

The statement further claimed that for the past six years, the Governor and his deputy have been living in their personal houses instead of their official residences at the Government House.

In this report, SaharaReporters examines the implications of the approved N63.4 billion for the renovation of the Government House.

A review of the Oyo State 2025 approved budget shows that the allocation for the state Ministry of Health stands at N59.4 billion. This means that more would be spent on overhauling the Government House than on providing healthcare for the state's residents in the 2025 fiscal year.

Further analysis reveals that the cost of drilling one borehole was budgeted at N5 million by the state. This implies that the N63.4 billion could provide no fewer than 12,680 boreholes across the state.

The state also budgeted N2million for the provision of one toilet facility. This means the amount allocated for the renovation of the Government House could provide 31,700 toilets across the state.

Additionally, the state allocated N822 million for the rehabilitation of twenty health centres. This suggests that N63.4 billion could be used to rehabilitate 1,540 health centres.

Currently, 57% of households across the state are said to lack access to clean drinking water, while another 79% lack access to sanitary facilities, according to data from the National Bureau of Statistics in its Multidimensional Poverty Index. 

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