MAKINDE: GOVT HOUSE RENOVATION COSTS ₦63.4BN BECAUSE NAIRA IS WRECKED
Oyo Governor links ballooning cost to FX crisis, World Bank loan repayment
By IDNN Economic Desk
IBADAN — Oyo State Governor Seyi Makinde has defended the staggering ₦63.4 billion price tag for the ongoing renovation of the State Government House, attributing the cost to the volatile exchange rate and ballooning foreign debt obligations.
Speaking during a special State Assembly plenary, Makinde addressed public criticism of the project, saying it stemmed largely from a lack of economic context.
“When we took the $200 million World Bank loan under the previous administration, the dollar exchanged at ₦350. Now it’s over ₦1,500,” he said.
Makinde disclosed that monthly repayments have risen from ₦700 million to ₦3 billion, stressing that the renovation is essential to preserve state assets amid worsening economic conditions.
“As a sub-national, Oyo State has no influence on exchange rate policies, yet we suffer their full consequences,” he lamented.
To boost security and infrastructure, Makinde also announced plans to procure two aircraft for aerial surveillance, which will be unveiled as part of Oyo’s 50th anniversary.
The move comes amid rising inflation, subsidy backlash, and widespread criticism of government spending priorities.
Speaker of the Assembly, Adebo Ogundoyin, acknowledged the tension around state spending but praised the Governor for transparency and strategic foresight.