The Oyo State Government has officially addressed the brewing controversy surrounding the Federal Government’s intervention fund for the January 16, 2024, Bodija explosion. In a detailed statement released on New Year’s Day, the state clarified that while N50 billion was approved by President Bola Ahmed Tinubu, only N30 billion has been received—and that amount remains sitting in a dedicated bank account.
The government revealed it has already expended N24.6 billion of its own internal resources on infrastructure reconstruction and victim compensation, as it awaits the release of the outstanding N20 billion balance from the Federal Government.
The statement, jointly signed by the Commissioner for Budget and Economic Planning, Professor Musibau Babatunde, and the Commissioner for Information, Prince Dotun Oyelade, slammed “desperate political actors” for attempting to weaponize the tragedy for political gain.
Official Press Statement
PRESS STATEMENT ON FEDERAL GOVERNMENT INTERVENTION FUND FOLLOWING THE BODIJA, IBADAN EXPLOSION OF JANUARY 16, 2024
Background
Following the unfortunate explosion that occurred on January 16, 2024, in the Bodija area of Ibadan, and being aware that intervention funds exist at the federal level for states facing emergencies, His Excellency, the Governor of Oyo State, Engineer Seyi Makinde, formally wrote to His Excellency, President Bola Ahmed Tinubu, requesting approval for financial support to assist the state in managing the disaster.
The Request
In the letter dated January 19, 2024, Governor Makinde outlined the immediate steps already taken by the Oyo State Government to mitigate the impact of the explosion. These measures included the deployment of earth-moving equipment to aid search-and-rescue efforts; the hospitalisation of injured victims with all medical bills fully covered by the state government; the deployment of ambulances and medical personnel to the scene; and the provision of accommodation for displaced victims in hotels at the expense of the state government.
The governor then highlighted additional areas where federal assistance was required. These included: clearing of rubble and debris; immediate integrity tests on buildings and demolition of unsafe structures; compensation for owners of affected properties; reconstruction of Old Bodija; expansion of the emergency response hub; and environmental impact assessments.
To address these needs, the Oyo State Government estimated the cost of intervention at N100 billion and requested the President’s approval for that amount. The president, however, approved N50 billion—half of the requested sum.
Purpose of the Approval
The purpose of the approved fund was clearly stated by the Federal Government as “Support for the reconstruction of Old Bodija and environs after the Bodija explosion.” (See memo dated 29 August, 2024, from the Accountant General of the Federation to the Minister of Finance, released by the political agent of the Federal Government, Mr. Ayo Fayose).
Special Account for the Money
Following the approval, an Oyo State Government Infrastructure Support Account (No. 2045199879) was opened with First Bank of Nigeria for the intervention fund. Out of the approved N50 billion, the Federal Government, through the Central Bank of Nigeria (CBN), released N30 billion to Oyo State on November 4, 2024.
Where is the Money?
As of December 31, 2025, the N30 billion remains untouched in the Oyo State infrastructure account with the First Bank. Interested members of the public may verify this information with the bank.
The Oyo State Government has deliberately refrained from utilising the N30 billion already released in recognition of the fact that the remaining N20 billion has remained withheld by the relevant federal agencies for reasons that have not been communicated to the state. Given the disgraceful drama of the last couple of days from the Federal Government on the approval, the government of Oyo State is convinced on the wisdom of its decision to ‘wait and see’ before deciding what to do with the money.
The N20 Billion Balance
Almost two years after the disaster, the Federal Government is yet to release the outstanding balance of N20 billion. The Oyo State Government remains committed to securing the balance of the approved funds to comprehensively address the damage.
Expenditure on Bodija
As of January 1, 2026, the Oyo State Government has spent N24.6 billion from its own resources on Bodija and its environs. This includes N20.141 billion spent on the reconstruction of infrastructure and N4.085 billion paid as support and compensation to victims. These expenditures were fully borne by the Oyo State Government.
Intervention Funds Nationwide
Documents indicate that a total of N915.5 billion was approved as intervention funds for states across the country. The list shows that one South-West state received N150 billion, while another received N50 billion. Oyo State, despite experiencing one of the most devastating incidents, received one of the lowest allocations among beneficiary states.
Disclosure of Funds
Special intervention funds are received as capital grants and subjected to the budgeting process. They do not require special public announcements upon receipt. This explains why other states that received significantly larger amounts did not publicly advertise the receipt of such funds.
Conclusion
The Oyo State Government, under the leadership of His Excellency, Engineer Seyi Makinde, appreciates the continued support of the people. The government thanks the people for their discernment in seeing through attempts by desperate political actors to exploit the 2024 tragedy for political gains.
The Oyo State Government has nothing to hide and will continue to engage the public transparently. Governor Makinde remains committed to serving the people of Oyo State faithfully, truthfully, and with utmost respect for the social contract.
The Governor and the Government of Oyo State wish the people a happy, peaceful, and prosperous 2026.
Signed:
Professor Musibau Babatunde Hon. Commissioner for Budget and Economic Planning
Prince Dotun Oyelade Hon. Commissioner for Information
