Oyo State Governor, Seyi Makinde, said his administration approved N63 billion for the total renovation of the State Government House.
Mr Makinde revealed this on Friday while addressing the Oyo State House of Assembly on its second anniversary.
He blamed the hig cost of the Oyo Government House renovation to fluctuating foreign exchange rates between the Naira and the US dollar, which he said were outside his powers to control.
The governor said the responsibility for currency exchange rates is solely that of the Federal Government.
He, however reassured that his administration would act in the best interest of Oyo state, regardless of prevailing challenges.
He said, “We are moving forward. When people see such big figures, they may ask, are we spending dollars here?”
Mr Makinde explained that significant imports were involved, even for constructing one kilometre of road, as Nigeria does not locally produce asphalt.
He said although Nigeria has the world’s second largest bitumen deposit, still, must import materials.
The governor said criticism were expected, and his administration remained open to correction if it made any mistake.
Mr Makinde also referred to a $200 million loan secured for the Ibadan Urban Flood Management Project by the previous administration. He said monthly servicing of the loan rose from N700 million to N3 billion due to currency fluctuations.
He noted that despite the financial burden, his government has achieved progress in security, healthcare, agriculture, and infrastructure.
Mr Makinde revealed plans to acquire two aircraft for aerial surveillance and security operations across the state to consolidate security measures in protecting lives and properties.
The governor also thanked the 10th Assembly for its consistent support in delivering good governance to the people of Oyo.
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