Oyo State Governor and presidential candidate of the Allied Peoples Movement (APM), Seyi Makinde, has blamed the Federal Government’s economic policies, particularly the removal of fuel subsidy, for reversing gains his administration made in reducing the state’s dependence on federal allocation.
Makinde said Oyo State, which depended on the Federation Account for more than 80 per cent of its revenue when he assumed office in 2019, had reduced the figure to about 65 per cent by 2022 before the subsidy removal pushed the state back towards heavy dependence on federal funds.
He made the remarks on Monday at the APM North-Central Town Hall Meeting in Lafia, Nasarawa State.
The governor, who is seeking the presidency in 2027, said Nigeria could undergo a fundamental reset within four years if he was given the mandate to lead the country.
He promised to overhaul the nation’s security architecture, reform education and rebuild the economy through what he described as the application of data, science and logic.
Makinde said the proposed reforms would also cover the country’s socio-political environment.
“The reset agenda can be concluded in four years. We had someone who was head of state in this country for 10 months, and he was able to end military rule and usher in the democracy we now enjoy in Nigeria.
“We can reset and give Nigeria a new security architecture, a new path for education, our economy utilising data, science and logic, and our socio-political environment in four years,” he said.
He said an APM-led Federal Government would operate a transitional government of national unity from May 29, 2027, with the objective of creating an environment for new political actors and implementing a sustainable development agenda.
“So, as your president from May 29, 2027, we will run a transitional government of national unity that will culminate in new players and an agenda for Nigeria’s sustainable development,” Makinde said.
On insecurity, the governor expressed concern over the Federal Government’s response to the worsening security situation in the North-Central region.
He questioned the planning and funding behind the creation of additional army divisions, saying he could not identify specific provisions for them in the 2026 budget.
“Midway into 2026, insecurity is a big issue, especially in the North-Central zone. They set up army divisions, and I was looking at the 2026 budget. For the item relating to the setting up of those army divisions, I did not see it.
“If they have it in the budget they prepared for 2026, they should bring it up,” he said.
Makinde maintained that effective management of insecurity required adequate planning and funding, arguing that security decisions should be backed by appropriate budgetary provisions.
He also questioned the impact of increased federal allocations to state governments on the welfare of citizens, particularly amid rising hardship and hunger.
“Yes, they claim the state government has more money from the federation account. I’m not arguing that we have more money, but has it translated to fighting hunger in our society? The answer is no,” he said.
Returning to the issue of Oyo State’s finances, Makinde said his administration had deliberately pursued measures to reduce the state’s reliance on federal revenue.
He said the state’s dependence on federal allocation stood at more than 80 per cent in 2019 but fell to about 65 per cent by 2022.
According to him, the removal of subsidy subsequently altered the situation, leaving Oyo once again heavily reliant on allocations from the Federation Account.
“When I came in as Oyo State governor in 2019, the state’s dependence on federal allocation was 80-plus per cent; we worked really hard to bring it down to about 65 per cent in 2022, then came the statement ‘subsidy is gone’… the resultant is that today, Oyo State is back to almost 80 per cent dependent on federal allocation.
“That is their voodoo economics,” Makinde said.
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