The Oyo State Government has disclosed that the N30 billion released by the Federal Government as part of the intervention fund approved for the January 2024 Bodija explosion in Ibadan has remained untouched about two years after the tragic incident.
The government also revealed that the Federal Government is yet to release the outstanding N20 billion balance from the N50 billion approved to support the reconstruction of Old Bodija and its environs following the January 16, 2024 explosion.
In a press statement issued on Thursday day, the state government disclosed that the whole N30 billion lies untouched in Oyo State government infrastructure support account number 2045199879
with the First Bank.
The state government explained that it deliberately refrained from accessing the funds because the remaining N20 billion was being withheld by relevant federal agencies, without any official explanation.
The statement reads:
“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.
“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 as part of continued search and rescue operations; immediate integrity tests on buildings within the affected axis and demolition of unsafe structures; compensation for owners of affected properties; reconstruction of Old Bodija and its environs; expansion of the emergency response hub; environmental impact assessment; logistics support and reimbursement; and infrastructural development required to restore normalcy to Bodija and surrounding communities after the massive destruction.
“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.
“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).
“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.
“As of yesterday, December 31, 2025, the N30 billion remained 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.
“Almost two years after the disaster, the Federal Government is yet to release the outstanding balance of N20 billion from the approved sum of N50 billion.
“The Oyo State Government remains committed to securing the balance of the approved funds to comprehensively address the damage caused by the explosion to both public and private properties. This is particularly important given the scale of the challenges faced by the state and the victims, many of whom have already been supported within the financial capacity of the state government.
“Following the explosion, Nigerians are aware of the swift and sustained efforts of the Oyo State Government, which significantly mitigated the effects of the disaster. The state government did not wait for federal intervention, which came in November, 2024, almost a year after the incident.
“As of today January 1, 2026, the Oyo State Government has spent N24.6 billion from its own resources on Bodija and its environs in direct response to the explosion and its consequences. This includes N20.141 billion spent on the reconstruction of infrastructure in Bodija and surrounding areas, as well as N4.085 billion paid as support and compensation to victims of the explosion. These expenditures were fully borne by the Oyo State Government.
“Documents released by the Federal Government through its agent, Mr Ayo Fayose, indicate that a total of N915.5 billion was approved as intervention funds for states across the country. The list of beneficiary states 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. Interested members of the public may consult the list for verification.
“Special intervention funds, when released, are received as capital grants. In line with standard practice and legal requirements, such funds are subjected to the budgeting process before expenditure and are duly reflected in the financial statements of the state. 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.
“The Oyo State Government, under the leadership of His Excellency, Engineer Seyi Makinde, appreciates the continued support and understanding of the people of the state. The government particularly thanks the people for their discernment in seeing through attempts by desperate political actors to exploit the 2024 tragic events of Bodija to gain undeserved foothold in our state for personal and political gains.
“The Oyo State Government has nothing to hide and will continue to engage the public transparently on all issues, including this one.
“Governor Makinde remains committed to serving the people of Oyo State faithfully, truthfully, and with utmost respect for the social contract that binds government to the governed. He has never denied anyone what is legally due to them and will not do so.
“The Governor and the Government of Oyo State wish the people a happy, peaceful, and prosperous 2026.”
