Politics
Governor Makinde’s Administration Racks Up N62 Billion In New Debt For Oyo State In Less Than A Year
Governor Makinde’s Administration Racks Up N62 Billion In New Debt For Oyo State In Less Than A YearSaharaReporters’ analysis of Oyo State’s budget performance has revealed that the state borrowed N62 billion in the first nine months of 2024. During the same period, Oyo spent N20.5 billion on servicing public debt.....KINDLY READ THE FULL STORY HERE▶
This means that 44.4% of the state’s internally generated revenue in that timeframe was allocated to debt servicing. In contrast, only N2.9 billion was directed toward capital needs in the education, science, and technology sector, while a mere N43.6 million went to the health ministry’s capital requirements.
Additionally, the rural water and sanitation agency received only N3.5 million, and N59.8 million was spent on the rehabilitation of water facilities. Alarmingly, no funds were allocated for the rehabilitation of hospitals or health centers.
The analysis also highlighted that N10 billion was spent on road rehabilitation, which is only half of what was spent on debt servicing. Other critical areas, such as erosion and flood control, were allocated just N200 million.
Concerns continue to mount regarding the state’s reliance on loans to fund its budget, as significant debt obligations hinder meaningful development for citizens. Experts warn that the growing debt servicing burden limits the government’s ability to invest in essential services and infrastructure.
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