Breaking: Amid Outrage Over N63.4bn Govt House Reconstruction, Makinde Justifies Approval
Breaking: Makinde justifies N63.4bn approved for Govt House reconstruction
…as Oyo set to acquire Aircraft for security surveillance
Amid Outrage Over N63.4bn Govt House Project, Makinde Justifies Approval, Reels Out Achievements
IBADAN — Oyo State Governor, Engr. ‘Seyi Makinde, has justified the N63.4 billion recently approved for the reconstruction of the Oyo State Government House, attributing the high cost to the volatility of the foreign exchange market. Eagles Sight News has gathered.
Governor Makinde made this known on Friday while delivering the State of the State Address before lawmakers at the Oyo State House of Assembly Complex, Agodi, Ibadan. His clarification comes amid public outrage and stakeholder criticism over the sum allocated for the project.
Makinde explained that the reconstruction will cover buildings, roads, and ancillary facilities within the Government House and surrounding chalets. He emphasized that the rising exchange rate has severely impacted state finances, especially in relation to foreign loans and ongoing infrastructural projects.
“Yesterday, I trended for the wrong reason, because people were saying we want to spend N63bn to renovate the Government House,” the governor stated. “My answer to them is simple: consider the effect of the exchange rate.”
He cited the $200 million loan taken during the previous administration for the Ibadan Urban Flood Management Project (IUFMP). According to him, when he assumed office in 2019, the naira-dollar exchange rate was ₦350, placing the state’s loan obligation at ₦70 billion. However, with the naira now exchanging at over ₦1,500 per dollar, the same loan has ballooned to over ₦320 billion.
Makinde revealed that Oyo State’s monthly loan repayment has surged from ₦700 million to ₦3 billion, due solely to currency depreciation, noting that this places a strain on the state’s budget. He reiterated that the state has no control over foreign exchange, which falls under the Federal Government’s exclusive legislative list.
Despite economic challenges, Governor Makinde outlined key achievements under his administration. He noted that the state is steadily repositioning itself as a leading investment destination through forward-looking policies and innovative governance.
Among the projects highlighted are:
The Fasola Agribusiness Industrial Hub, recently designated Nigeria’s first agricultural transformation centre by the African Development Bank (AfDB).
Ongoing development of the Eruwa Agribusiness Industrial Hub.
Membership of the World Union of Wholesale Markets—a first for any subnational entity in Africa.
Upgrade of the Samuel Ladoke Akintola Airport, with phase one set for commissioning in October 2025.
The construction of 87km of rural roads under the Rural Access and Agricultural Marketing Project (RAAMP).
Reconstruction of major arterial roads and inner roads across Ibadan, with Oyo and Ogbomoso zones scheduled for the next phase.
Makinde also pledged to sustain investments in education and healthcare, especially in bridging the rural-urban divide in school infrastructure and healthcare delivery.
In a major security move, the governor announced plans to acquire two surveillance aircraft to boost aerial monitoring and ensure safety across the state. He noted that the aircraft procurement is part of preparations for the celebration of Oyo State’s 50th anniversary in February 2026.
“I’m proud to be governor during this significant moment in our history,” Makinde declared.
Earlier, the Speaker of the House, Rt. Hon. Adebo Ogundoyin, commended the governor for his administration’s transparency, welfare policies, and recent approval for the recruitment of 181 legislative staff. Other lawmakers praised the governor’s leadership and urged the government to pay more attention to rural healthcare, education infrastructure, and the resuscitation of LAUTECH Teaching Hospital in Oyo.
The event was attended by key political figures, traditional rulers, and dignitaries, including former deputy governors, the Chief Judge of Oyo State, and top government functionaries.