Oyo State Governor, Seyi Makinde, has described Nigeria’s current economic situation as particularly challenging, arguing that the increase in government revenues has not translated proportionately into improved purchasing power for ordinary Nigerians.
Speaking on the state of the economy, Makinde said that although Federation Account Allocation Committee (FAAC) revenues have increased, the rising cost of living has significantly eroded the value of workers’ earnings.
«“It’s a very challenging period economically. Truly, FAAC allocations have increased. When I came in, in 2019, the first salary I signed was N4.5 billion; today it’s N18 billion. The N18k minimum wage in 2019 could buy more than N80k can today in 2026. That’s the voodoo economics of President Tinubu.”»
Available data confirms that federal revenue distributions have increased considerably in recent years. The three tiers of government shared N33.27 trillion from FAAC between January and November 2025, about 30 percent higher than the N25.46 trillion distributed during the corresponding period of 2024.
In 2026, the trend has continued, with N2.257 trillion distributed in April and about N2.3 trillion distributed from May revenue. In July 2026 alone, N3.007 trillion was shared among the Federal Government, states and local governments.
Oyo State has also reported stronger revenues. Its 2026 half-year budget implementation report showed total revenue of N606.37 billion between January and June, including N398.4 billion from FAAC and N55.47 billion in internally generated revenue.
The governor’s comments come amid continued government interventions aimed at cushioning the impact of rising transportation and living costs. In March 2026, Makinde announced a N10,000 monthly transportation support payment for Oyo workers for an initial three months following a rise in petrol prices.
The administration has also previously used the Omituntun bus system as part of its transport intervention strategy, including maintaining relatively low fares and extending services to inter-city routes.
On wages, Oyo State approved an N80,000 minimum wage for its workforce in November 2024. The state government said the measure followed negotiations and consequential salary adjustments involving government and labour representatives.
Makinde also took aim at the Presidency over President Bola Tinubu’s absence from Nigeria, asking why the President had not formally handed over presidential functions to Vice-President Kashim Shettima.
«“President Bola Tinubu is on leave and he is trampling on the constitution of Nigeria. Why is he scared to hand over to Vice-President Kashim Shettima? We have done it in Oyo State.”»
The constitutional issue centres on Section 145 of Nigeria’s Constitution. It provides that when the President proceeds on vacation or is otherwise unable to discharge the functions of office, he is to transmit a written declaration to the President of the Senate and Speaker of the House of Representatives; until a contrary declaration is transmitted, the Vice-President performs the functions as Acting President. If the declaration is not transmitted within 21 days, the National Assembly may mandate the Vice-President to act.
Reports on Tinubu’s 2026 vacation said he left Abuja for Europe for a three-week holiday, while Shettima was in Angola representing him at an African Union summit. The legal debate has focused on whether a formal transfer of presidential functions was required under Section 145 in the circumstances.
Makinde’s remarks have subsequently generated strong reactions online, particularly among supporters who argue that the dramatic increase in nominal wages has not kept pace with inflation and the rising cost of essential goods and services.
One commenter wrote: “This is fact 💯 👌 18,000 seven years ago is more valuable than 80k of today.”
Another expressed support for Makinde’s political ambitions, writing: “God plz let GSM become the president of our nation next year o, we have hope in God through him.”
Other comments similarly endorsed the possibility of Makinde seeking the presidency in 2027, reflecting the growing political attention surrounding his national ambitions.
The central economic question raised by Makinde, however, remains the gap between nominal income increases and real purchasing power—an issue that continues to shape public debate as Nigerians contend with higher prices despite increased government revenues and higher statutory wages.
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