Governor Seyi Makinde of Oyo State has come under scrutiny following revelations that his administration is proposing to spend a staggering ₦63.5 billion to renovate the government house in Ibadan.
The development sparked widespread reactions after investigative journalist ’Fisayo Soyombo, via his verified social media account on X (formerly Twitter), questioned the timing, necessity, and implications of the proposed expenditure.
Soyombo pointed out that Governor Makinde, who assumed office in 2019, has already completed over 76 percent of his constitutionally allowed two-term tenure and is expected to leave office in less than two years. Despite this, the governor is now seeking to renovate a facility he and his deputy have not resided in since assuming office.
“Makinde and his deputy, by the way, have lived in their private residences throughout their tenure. Renovating an edifice you don’t live in and when you’re on your way out with the equivalent of the state’s 2024 IGR?” Soyombo wrote in the post shared on Friday evening.
The journalist further hinted at public suspicions surrounding the proposed spending, stating, “You and I know why Makinde needs that ₦63.5bn; you want me to say it but I won’t. Say it yourself!”
Responding to the criticism during a special plenary at the Oyo State House of Assembly on Friday, Governor Makinde attributed the high cost of the project to the depreciation of the naira.
According to the governor, exchange rate volatility has also driven up the cost of servicing the state’s external debt, particularly a $200 million loan secured by the administration of former Governor Abiola Ajimobi.
“When we assumed office, our monthly repayment stood at ₦700 million. But as of now, we are compelled to pay ₦3 billion monthly,” he explained.
