The Socialist Party of Nigeria, (SPN) Thursday cautioned Governor Seyi Makinde not to plung Oyo state into huge debts with the approval of additional loan of N22.5billion by the state House of Assembly.
SPN in a statement by its Oyo state secretary, Comrade Ayodeji Adigun, made available to journalists in Ibadan, emphasised that the additional N22.5billion loan “will no doubt compound the debt burden of the state.”
Kicking against the new loan, SPN stated that the : “N20 billion and N2.5billion of the said loan facility will be sought from the First Bank and Central Bank of Nigeria (CBN) respectively and it shall be meant to fund road construction and rehabilitation, including upgrading of health facilities and other social amenities across the state.
“SPN decries the approval of these new loans. This will no doubt compound the debt burden of the state which has now been increased by over N40 billion with the newly approved loan under Seyi Makinde-led government in the state.
“Again, the approval of the new loan which will be third of such facilities to be accessed by Makinde-led government in less than one year of its existence is more or less like mortgaging the future of the state, especially when none of the loans previously obtained by both the past and the present governments in the state has ever translated into any improvement in the condition of workers and poor people in the state”, it said.