Oyo State Government has disclosed that the ₦30 billion released by the Federal Government as part of the intervention fund approved for the January 2024 Bodija explosion in Ibadan was kept in the bank. Recall that there has been a growing call for accountability and transparency following the discovery that the state received N30 billion from the federal government.
However, the state government says that it has rather spent ₦24.6bn of state funds on the incident, and called on the President Bola Tinubu administration to release the outstanding ₦20 billion balance of the ₦50 billion approved to support the reconstruction of the Old Bodija and its environs following the 16 January, 2024 explosion.
The state government disclosed in a press statement, on Thursday, by the Commissioner for Information, Prince Dotun Oyelade, that the whole ₦30 donated by the Federal Government billion is intact in Oyo State Government Infrastructure Support Account Number 2045199879 with the First Bank of Nigeria.
It explained that it deliberately refrained from accessing the funds because the remaining ₦20 billion was being withheld by relevant federal agencies, without any official explanation.
The statement reads: “Following the unfortunate explosion that occurred on January 16, 2024, in the Bodija area of Ibadan, and being aware that intervention funds exist at the federal level for states facing emergencies, His Excellency, the governor of Oyo State, Engineer Seyi Makinde, formally wrote to His Excellency, President Bola Ahmed Tinubu, requesting approval for financial support to assist the state in managing the disaster.
“The governor then highlighted additional areas where federal assistance was required, including clearing of rubble, compensation for owners of affected properties, reconstruction of Old Bodija, and environmental impact assessment, among others.
“To address these needs, the Oyo State Government estimated the cost of intervention at ₦100 billion and requested the president’s approval for that amount. The president, however, approved ₦50 billion— half of the requested sum.
“The purpose of the approved fund was clearly stated by the Federal Government as ‘Support for the reconstruction of Old Bodija and environs after the Bodija explosion.’
“Out of the approved ₦50 billion, the Federal Government, through the Central Bank of Nigeria (CBN), released ₦30 billion to Oyo State on November 4, 2024. As of yesterday, December 31, 2025, the ₦30 billion remained untouched in the Oyo State infrastructure account with the First Bank.
“The Oyo State Government has deliberately refrained from utilising the ₦30 billion already released in recognition of the fact that the remaining ₦20 billion has remained withheld by the relevant federal agencies for reasons that have not been communicated to the state.
“Almost two years after the disaster, the Federal Government is yet to release the outstanding balance of ₦20 billion from the approved sum of ₦50 billion.
“The Oyo State Government remains committed to securing the balance of the approved funds to comprehensively address the damage caused by the explosion to both public and private properties.
“As of today, January 1, 2026, the Oyo State Government has spent ₦24.6 billion from its own resources on Bodija and its environs in direct response to the explosion and its consequences.
“The Oyo State Government, under the leadership of His Excellency, Engineer Seyi Makinde, appreciates the continued support and understanding of the people of the state.”
