Chairman of the Oyo State Project Performance Monitoring Agency, Engr. Muftau Open Salawu, has highlighted the impact of the naira’s devaluation on the state’s budget trajectory, noting that while the figures appear to have grown significantly, their value in dollar terms paints a different picture.
In a statement shared on his social media handle, Salawu reflected on the contrast: “If only the naira hadn’t devalued. Oyo State’s 2018 budget was ₦271.7 billion ($744.4 million), while today’s budget stands at ₦891.8 billion ($583 million).”
He explained that although the state’s budget has more than tripled in naira value, its dollar equivalent has dropped drastically, underscoring the broader economic challenges confronting Nigeria. According to him, this decline in purchasing power affects the cost of governance and the ability to execute development projects at previous value levels.
Despite these hurdles, Salawu commended the steadfast commitment of Governor Seyi Makinde’s administration to strengthening Oyo State’s infrastructure and improving the quality of life for residents. He noted that the government remains focused on delivering meaningful projects and sustaining progress across key sectors, even as economic realities shift.
He emphasized that responsible financial management, innovation, and consistent monitoring of project performance would continue to guide the state’s efforts to achieve tangible development outcomes.
Salawu reassured citizens that Oyo State’s leadership is determined to navigate the economic difficulties with resilience and strategic planning, ensuring that ongoing and future projects deliver maximum impact despite the pressures caused by currency devaluation.
E-Signed:
Written/Reported By
✍️ Moyosoreoluwa Olamilekan Eldreez
(IJOBA AUTHORITY MOE)
Policy Advocate | Public Affairs Analyst
Convener, Emerging Force Platform
Loyalist of His Excellency, Engr. Seyi Makinde FNSE
For the Good People of Oyo State
25th November, 2025.
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