Makinde's Campaign Group Wants Investigation into Tinubu's N11.2trn Oil Loans

The campaign team of Oyo State Governor Seyi Makinde is asking for a thorough investigation into the federal government's reported plan to use about 340 million barrels of Nigeria's future crude oil to secure loans worth N11.2 trillion.

The Makinde-Daura Presidential Campaign Organisation (MDPCO) accused President Bola Tinubu's government of putting future oil money into debt without enough public information. They warned that this could hurt Nigeria's finances for many years to come.

In a statement on Thursday, Richard Ihediwa, the Director of Strategic Communications for the organization, said these loans came from four financing projects: Project Gazelle, Project Gazelle II, Project Leopard, and Project Leopard II.

The group demanded that the federal government reveal the lenders' identities, the amounts borrowed, interest rates, management fees, repayment plans, and the exact amount of crude oil tied to each project.

"President Tinubu should explain the loan arrangements to the public," the organization stated.

They also want details on the pricing formula for crude oil deliveries, the unpaid debts being refinanced, and the complete financial impact of these deals.

The campaign group described these reported arrangements as financially irresponsible. They argued that the government is using future oil revenues to cover current expenses without showing clear investments in industrial growth, infrastructure, and better living conditions.

They warned that fixed repayment obligations could prevent Nigeria from fully benefiting from rising global oil prices. This could limit future government income and reduce the country's financial flexibility.

The organization reminded everyone of their earlier warning that Mr. Tinubu was leading Nigeria towards a financial crisis similar to 19th-century Egypt under Khedive Ismail.

They noted that excessive foreign borrowing and spending during that time led to British occupation of Egypt in 1882.

"A nation that often promises its future earnings to pay for present excesses risks losing its economic independence," the campaign group said.

Concerns Over National Assembly Oversight

The organization pointed out that the reported borrowing arrangements are especially troubling given the economic struggles Nigerians are facing, such as hunger, poorly funded hospitals, and bad roads.

They argued that financing tied to commodities should be open to public examination and should show clear economic benefits for the citizens.

"We call on the National Assembly to closely examine these financing arrangements, including holding an open public hearing," the campaign group stated.

They believe this hearing should clarify the extent of Nigeria's crude oil commitments and evaluate the impact on the Federation Account and the country’s long-term financial health.

"Economic success does not come from borrowing or managing debt but from real improvements in production, job creation, infrastructure, industry, and living standards," they said.

PREMIUM TIMES reported on Thursday that Governor Makinde, who is running for president next year with the Allied People’s Movement (APM), criticized President Tinubu's management of the economy. Tinubu is seeking reelection as the presidential candidate for the All Progressives Congress.

Mr. Makinde, who will finish his second and final term as governor in May 2027, recalled that he supported Mr. Tinubu in the 2023 presidential election. He said he withdrew his support after being disappointed by the president’s performance and decided to run for the presidency himself.