Oyo Gov, Makinde’s Expenditure Surges To N91bn, Grappling With  Rising N80bn Debt Burden In Three Years

Daud Olatunji

In the past three years, Oyo State Governor, Seyi Makinde and his aides have reportedly spent a staggering sum of N91 billion, according to financial statements obtained by PLATFORM TIMES from

Breaking down the expenditures, Makinde allocated N32,744,535,080 in 2021, followed by N26,245,740,129 in 2022, and N31,202,700,662.46 in 2023 towards his office, personnel, and capital expenditures. 

The report details that capital and recurrent expenditures in 2023 reached N15,015,144,985.24, with personnel costs accounting for N10,600,264,937.22.

Further analysis reveals that in 2022, the governor spent N13,255,326,414 on capital expenditure and N12,990,413,715 on recurrent expenditure, including N490,413,715 as personnel costs and N4,000,000,000 for overhead costs. 

Meanwhile, in 2021, N18,640,000,000 was allocated to capital, with recurrent expenditure of N8,826,535,080.60, encompassing personnel costs of N8,826,535,080.60 and overhead costs of N5,278,000,000.00.

Uncovering the debt profile, the state incurred N50,000,000,000 in domestic loans and N30,515,128,849 in foreign loans, resulting in a total debt of N80,515,128,849.00. 

The financial records indicate that the state’s debt soared to N62,090,056,688.27 in 2021 and N51,793,526,408.00 in 2022, raising concerns about the fiscal responsibility and financial stability of Oyo State under Governor Makinde’s leadership.


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