The governorship candidate of the Peoples’ Democratic Party (PDP) in Oyo State, Alhaji Hazeem Gbolarumi, has chided Governor Seyi Makinde over the state’s mounting debt obligations, raising concerns about the financial implications of the administration’s borrowing decisions.

The criticism came amid renewed debate over Oyo State’s debt exposure following the State House of Assembly’s approval of a proposed N100 billion loan facility and a separate N300 billion facility to refinance an existing contractors’ finance arrangement with Access Bank.

The state government said the N100 billion facility was intended to support ongoing infrastructure projects and other development initiatives, while the refinancing arrangement was designed to transfer an existing facility to United Bank for Africa at a lower interest rate.

Gbolarumi, a former Deputy Governor of Oyo State, stated this in a statement made available to journalists by his Media Office on Saturday.

The borrowing arrangements have attracted criticism from opposition politicians, who have questioned their implications for the state’s finances and the administration that will take over in 2027.

Gbolarumi’s criticism adds to the political debate over the management of public resources in the state as political activities ahead of the 2027 governorship election gather momentum.

The former deputy governor, who has been critical of Makinde over aspects of the governor’s political leadership, has previously expressed disagreements with the administration over consultation with Peoples Democratic Party stakeholders and the process of choosing a successor.

The debate over borrowing has also focused on the need for transparency regarding the purpose of new facilities, their repayment terms and the projects expected to benefit from the funds.

The state government and its supporters have argued that borrowing can support infrastructure development and the completion of ongoing projects, while critics have called for fuller disclosure of the state’s debt obligations and the financial implications of new commitments.