The Governor of Oyo State, Seyi Makinde, has revealed the challenges encountered by his administration over the past seven months, citing the continuous surge in inflation rates, the removal of fuel subsidy, and the provoking Naira to Dollar exchange rate as primary hurdles.
In his New Year address to the people of the state, Makinde acknowledged the arduous period his administration has had to navigate.
He articulated that the elimination of fuel subsidy and the irksome peg on the Naira to Dollar exchange rate have profoundly affected the state’s populace, fostering a perception that his administration has not done enough to alleviate their plight.
The Governor emphasized, “The last seven months under Omituntun 2.0 have been challenging. The removal of fuel subsidy and the peg on the Naira to Dollar exchange rate has taken a toll on our economy and people.”
Despite the adverse circumstances, Makinde highlighted the proactive steps taken by his administration. These measures include the implementation of the Sustainable Actions for Economic Recovery program, which facilitated immediate relief for the poorest segments of the population through food packages. Additionally, low-interest loans were extended to traders, market participants, youth agropreneurs, and smallholder farmers. Health insurance for pensioners and other vulnerable individuals was also covered, along with the provision of affordable transportation through the Omituntun Buses in and around Ibadan.
Makinde expressed awareness of the insufficiency of these efforts amidst the escalating inflation rates and affirmed the administration’s commitment to reinforcing the economy through the implementation of the 2024 Budget of Economic Recovery.
Seeking more support from the citizens, the governor aligned the administration’s aspirations with the optimism of the new year, calling for solidarity in pursuing the state’s prosperity. He outlined upcoming infrastructure projects, including road constructions and industrial development initiatives, reflecting the administration’s dedication to fostering economic growth and attracting investments.
“We believe that by following this economic blueprint, with God on our side and your continued support, our administration will continue to put our dear State on the map for all the right reasons,” Makinde proclaimed.
Urging collaboration in enforcing the rule of law, he envisioned a secure and conducive environment for investors, tourists, and residents alike, while looking forward to a positive turnaround in the coming year.
As Oyo State grapples with multifaceted challenges, Makinde’s address underlines the administration’s resilience and unwavering commitment to steering the state towards a brighter and more prosperous future.
