The decision of the Oyo State government to build a new government house will cost the state every single dime it made in Internally Generated Revenue in 2024, an analysis by OYOINSIGHT.COM has shown.
Recall that on Wednesday, this newspaper reported that the Seyi Makinde led State Executive Council had approved the sum of ₦63,479,858,000 for the overhauling of the structures of the Government House.
Announcing the decision, the state government argued that for the past six years, the Governor and his deputy have been living in their personal houses instead of their official residences at the Government House.
However, an analysis by this newspaper has revealed that the cost of the new government house is one too many for the state.
In 2024, Oyo State’s Internally Generated Revenue (IGR) performance increased to N65.28 billion, placing it as one of the top ten performing states in the country, based on data from the Federal Inland Revenue Service.
The state’s IGR in 2024 is the product of a 145.5 percent growth in its revenue profile since 2019 when Makinde took over the leadership of the state.
What this indicates is that spending approximately N64 billion on a new government house will cost the state, not only its entire IGR for 2024, but also the fruit of a steady growth in IGR that started six years ago when Makinde became Governor.
