Ibadan: Gov. Seyi Makinde of Oyo State says his administration has approved N63 billion for the complete overhaul of the State Government House.
Makinde disclosed on Friday while addressing the Oyo State House of Assembly on its second anniversary.
He attributed the high renovation cost to fluctuating foreign exchange rates, which he said are outside the state’s control.
The governor said the responsibility for currency exchange rates lies solely with the Federal Government.
Nonetheless, he assured his administration would act in the state’s best interest, regardless of prevailing challenges.
He said, “We are moving forward. When people see such big figures, they may ask, are we spending dollars here?”
Makinde explained that significant imports are involved, even for constructing one kilometre of road, as Nigeria does not produce asphalt locally.
He noted that Nigeria has the world’s second-largest bitumen deposit yet must still import materials.
The governor said criticism is welcome, and his administration remains open to correction if any mistake is made.
Makinde also mentioned a $200 million loan secured by the previous administration for the Ibadan Urban Flood Management Project.
He explained that the monthly servicing of the loan rose from N700 million to N3 billion due to currency fluctuations.
Despite the financial burden, he said his government has made progress in security, healthcare, agriculture, and infrastructure.
Makinde revealed plans to acquire two aircraft for aerial surveillance and security operations across the state.
He said the aircraft aligns with broader strategies to secure lives and property throughout Oyo State.
The governor commended the 10th Assembly for its consistent support in delivering good governance to the people.