N7.6bn Eruwa, Akufo Farm Loan: Makinde Owes Oyo People Answers | By David Oluokun

Seven years after the Oyo State Government secured a ₦7.6 billion loan facility purportedly meant to transform the Eruwa and Akufo Farm Settlements into modern agricultural hubs, the people of the state are entitled to ask a fundamental question: What has become of the money, and where are the promised farm estates?

This is not an inconsequential question. It concerns public funds, government accountability, and the future of thousands of farmers and unemployed youths who were expected to benefit from the proposed agricultural transformation.

In October 2019, Governor Seyi Makinde sought and obtained the approval of the Oyo State House of Assembly to access a ₦7.6 billion facility from the Central Bank of Nigeria (CBN) under its Commercial Agriculture Credit Scheme (CACS).

The objective, as presented at the time, was to rehabilitate and transform the Eruwa and Akufo Farm Settlements into modern farm estates capable of stimulating agricultural production, attracting agribusiness investments, creating employment opportunities, and strengthening the state’s economic base.

It was a laudable ambition. Indeed, given Oyo State’s enormous agricultural potential, particularly in the Oke-Ogun and Ibarapa axes, such an investment ought to have translated into tangible economic benefits.

However, seven years down the line, questions surrounding the implementation, financial details, and overall performance of the project remain pertinent.

An investigative report published by Dataphyte on January 28, 2021, provided an important insight into the project’s procurement process. The report, which examined information on Oyo State’s open contracting portal, disclosed that a contract for the construction of pilot farm estates at Eruwa, Akufo and Fasola had been awarded to Messrs Brain and Hammer Ltd.

The reported contract award date was December 23, 2020.

More troubling, however, was the report’s observation that the contract record available on the portal did not disclose the contract sum. This information gap raises legitimate questions about the transparency of the procurement process and the extent to which members of the public can independently scrutinise the expenditure.

Why should a project backed by a multibillion-naira public loan have such an important financial detail missing from its publicly accessible contract record?

For a government that should be accountable to the people, transparency ought not to be a matter of convenience. It is a fundamental obligation, particularly when public borrowing is involved.

As of November 2026, concerns remain over whether Eruwa and Akufo have attained the status of fully completed and operational agribusiness hubs envisaged when the loan was secured. The level of development, functionality, and economic impact of the two settlements deserves to be placed before the public for independent assessment.

The issue, therefore, goes beyond the physical appearance of the farm settlements. It is about the utilisation of the ₦7.6 billion facility, the projects executed, the contractors engaged, the actual amount expended, and the measurable benefits delivered to the people.

Governor Makinde must recognise that public borrowing comes with an obligation to account. The fact that a loan was approved for a particular purpose does not end the conversation; rather, it begins the responsibility to demonstrate that the funds were judiciously utilised and that the intended objectives were substantially achieved.

The Oyo State Government should make available the comprehensive financial records of the facility, including the total amount drawn, disbursement schedules, contract sums, payments made to contractors, implementation reports, and the current operational status of the farm settlements.

It should also explain the extent to which the project has contributed to agricultural production, private-sector investment, and employment generation.

These are not unreasonable demands. They are legitimate questions from taxpayers whose resources and future revenues are tied to public borrowing.

The people of Oyo State deserve more than announcements of ambitious agricultural projects. They deserve verifiable evidence of implementation and measurable returns on public investments.

Seven years is a considerable period for a project of this magnitude. The government must, therefore, move beyond general assurances and provide specific answers.

Where is the ₦7.6 billion? What exactly has been accomplished at Eruwa and Akufo? How much was spent, and what tangible benefits have accrued to the people?

Until these questions are satisfactorily answered, the controversy surrounding the farm settlements will continue to cast a shadow over one of the administration’s major agricultural financing initiatives.

Public funds must be accounted for. Oyo people deserve answers.