…to purchase two aircraft for security surveillance
Governor Seyi Makinde of Oyo State has reiterated his administration’s commitment to building a resilient economy, improving the quality of life for the people and securing the future for generations to come.
The governor, who stated this weekend while presenting a State of the State Address held at the Oyo State House of Assembly in Ibadan, noted that through several policies being implemented by the State Government and its simple approach to solving complex governance issues, saying “Oyo State has become an investment destination.”
Governor Makinde stressed that the Government’s efforts had yielded many positive results, including the designation of the Fasola Agribusiness Industrial Hub as Nigeria’s first agricultural transformation centre by the African Development Bank (AfDB), the ongoing construction of the Eruwa Agribusiness Industrial Hub and the admittance of Oyo State into the World Union of Wholesale Market, the first sub-national in Africa to achieve such feat.
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Others, the governor noted, are the ongoing upgrade of the Samuel Ladoke Akintola Airport, which first phase would be inaugurated in October 2025, the fixing of the State’s infrastructure deficit, with major arterial roads across the State, inner roads in Ibadan already done and dusted and the ongoing construction of 87 kilometres of rural roads under the Rural Access and Agricultural Marketing Project (RAAMP), while efforts are also on to complete the 48 kilometres Ido-Eruwa Road.
Governor Makinde also reiterated that the fixing of inner roads would continue in the coming months, with Ogbomoso and Oyo zones set to become the next ports of call.
He declared that the Administration would not relent until the vision of making Oyo State a regional economic powerhouse, a cultural beacon, and a place where every citizen can thrive, is achieved.
In the education and health care sectors, Governor Makinde assured residents of the State that his Government would bridge the gap between rural and urban education and continue to upgrade education infrastructure so as to reduce deficit.
He also promised to continue to provide healthcare programmes that would bring benefits to the people of the State.
This was just as the governor addressed the controversy surrounding the planned reconstruction of the Oyo State Government House, explaining that the instability in foreign exchange, among other factors, is responsible for the perceived high cost of the project, which is expected to cover the reconstruction of buildings, roads and other ancillary facilities in the Government House and adjoining chalets.
He said: “I trended for the wrong reason, because people were saying we want to spend N63bn to renovate the Government House. My answer to them is just to point our attention to one thing. “Before I came into office, the previous administration took a loan of $200m from the World Bank for the Ibadan Urban Flood Management Project (IUFMP). As of the time I came in on May 29, 2019, that dollar-denominated loan was in the book of Oyo State as N70bn, because a dollar to a Naira was around N350. We were paying about N700 million every month to service the loan. But we finished the IUFMP, though, before I came in, $100m had been spent and $50m committed.
“This administration was supposed to spend $50m to complete the projects but we did not spend the amount. We honoured all the commitments made by the previous administration, and returned $18m to the World Bank, which we didn’t spend. That was how we have managed the project prudently in Oyo State. But that is not even where I am going.
“My point is, in 2019 in the Oyo State books, N70bn was what Oyo State owed. Fast-forward to today, the IUFMP project is completed without adding one inch of drainage to the project, but simply by the exchange rate movement, Oyo State today owes N320bn. This is because the N70bn calculated as N350 to one dollar in 2019 is now the same amount, but it is now calculated at about N1,540 to the dollar. That is our reality. We have now moved from paying N700m on the IUFMP loan when I came in, to now paying N3bn to service that loan monthly now.
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“Can we sleep when it is raining? Yes, because the IUFMP has basically tamed the issue of erosion. We have an Advanced Warning System installed in that place. But, my point is, to manage our exchange rate is not for me to determine in Oyo State. It is on the exclusive list. But whatever it is, we will do what is in the best interest of our state.”
