Makinde Defends ₦63 Billion Government House Renovation, Blames Forex Crisis

Governor Seyi Makinde of Oyo State has justified the approval of ₦63 billion for the complete renovation of the State Government House, attributing the high cost to the impact of fluctuating foreign exchange rates.

The governor made the disclosure on Friday during an address to the Oyo State House of Assembly in celebration of its second anniversary.

Makinde explained that much of the expenditure was influenced by rising import costs, which he said were beyond the state’s control. He emphasized that responsibility for managing the exchange rate rests solely with the Federal Government.

“When people see such large figures, they often wonder if we’re spending in dollars,” he said. “But the truth is, even for road construction, many materials—including asphalt—are imported, as Nigeria doesn’t produce them locally, despite having one of the largest bitumen deposits in the world.”

He welcomed public scrutiny and said his administration remained open to constructive criticism and willing to make corrections if necessary.

The governor also referenced a $200 million loan previously secured for the Ibadan Urban Flood Management Project under the past administration. He noted that monthly repayments had surged from ₦700 million to ₦3 billion due to currency fluctuations, putting additional pressure on the state’s finances.

Despite these challenges, Makinde highlighted achievements in key sectors, including security, healthcare, agriculture, and infrastructure. He revealed that the government plans to acquire two aircraft to enhance aerial surveillance and boost security efforts across the state.

He concluded by commending the 10th Assembly for its unwavering support, describing the lawmakers as essential partners in delivering effective governance to the people of Oyo State.