Oyo State Governor, Engineer Seyi Makinde, has announced plans to renovate the Agodi Government House, a colonial-era edifice that has served as the official residence of successive governors, with a budget of N63.5 billion. The renovation project will cover the reconstruction of buildings, roads, and ancillary facilities within the Government House and adjoining chalets.
Makinde made the announcement during a State of the State address at the Oyo State House of Assembly Complex in Ibadan, where he highlighted the state government’s efforts to position Oyo as an investment destination through pragmatic policies. Addressing the controversy over the high cost of the renovation, the governor attributed it largely to the instability of the foreign exchange rate and other economic factors. He explained that the dollar-denominated debt inherited by the state had ballooned due to exchange rate fluctuations, significantly increasing debt servicing costs.
The governor pointed out that when he assumed office in 2019, Oyo State owed about N70 billion on a World Bank loan for the Ibadan Urban Flood Management Project (IUFMP), but due to exchange rate changes, the debt now stands at approximately N320 billion, with monthly servicing costs rising from N700 million to N3 billion. Despite these challenges, Makinde emphasized that the flood project has been successful in mitigating erosion and flooding in Ibadan.
However, the plan has sparked sharp criticism from opposition parties and stakeholders. The Oyo State chapter of the All Progressives Congress (APC) condemned the proposed expenditure as reckless and insensitive, urging the governor to rescind the decision. APC described the plan as a waste of public funds on a “white elephant project” amid economic hardship, and criticized Makinde for failing to justify the high cost given that the Government House was renovated as recently as 2017 by the previous administration.
The Socialist Party of Nigeria (SPN) also slammed the project as a misplaced priority, accusing the Makinde administration of fiscal irresponsibility and escalating the state’s debt burden through questionable spending. SPN argued that the funds should instead be directed toward addressing critical needs such as healthcare, education, and security, especially given the economic difficulties faced by ordinary citizens. They further criticized the government’s simultaneous proposal to procure aircraft for security surveillance as extravagant and ill-timed.
Additionally, APC chieftain Engineer Hakeem Oyedele Alao called on the state House of Assembly and residents to demand transparency and accountability from the governor, warning against spending on projects not captured in the approved 2025 budget. He stressed that the budget prioritizes infrastructure, education, and health, and that diverting funds to luxury projects undermines public trust.
The debate over the N63.5 billion renovation plan underscores the tension between government ambitions and public expectations in Oyo State, as economic realities and governance priorities collide.