Oyo State Governor, Seyi Makinde, said his administration approved N63 billion for the complete overhaul of the State Government House.
Mr Makinde made the disclosure on Friday while addressing the Oyo State House of Assembly on its second anniversary.
He attributed the high renovation cost to fluctuating foreign exchange rates, which he said were outside the state’s control.
The governor said the responsibility for currency exchange rates lies solely with the Federal Government.
Nonetheless, he assured that his administration would act in the state’s best interest, 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 produce asphalt locally.
He noted that Nigeria has the world’s second largest bitumen deposit, yet must still import materials.
The governor said criticism was welcome, 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 explained that monthly servicing of the loan rose from N700 million to N3 billion due to currency fluctuations.
In spite of the financial burden, he said his government 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.
He said the aircraft aligned with broader strategies to secure lives and property throughout Oyo State.
The governor alsocommended the 10th Assembly for its consistent support in delivering good governance to the people.