Oyo State Governor and presidential candidate of the Allied Peoples Movement (APM), Seyi Makinde, has criticised the economic policies of President Bola Tinubu’s administration, describing the situation as a “voodoo economy” in which the higher minimum wage has not translated into greater purchasing power for workers.
Makinde spoke on Friday while addressing civil servants at the Oyo State Government House in Agodi, Ibadan, after returning from his annual leave.
The governor argued that the former N18,000 minimum wage had greater purchasing power than the current wage, despite the increase in nominal salaries.
“It’s been a very challenging period, economically. Yes, FAAC has gone up. But when I came in as governor, the first salary bill I signed was N4.5 billion. Today, the salary bill is N18 billion,” Makinde said.
He added that while the minimum wage had risen substantially, the purchasing power of workers had been eroded by rising prices.
Makinde said the minimum wage when he assumed office was N18,000, compared with the current statutory minimum wage of N70,000.
He argued that the increase in nominal wages had not kept pace with the cost of living.
“The N18,000 of that time can even buy more than what the current N70,000 can do today,” he said, describing the situation as the kind of “voodoo economy” he believed had been handed over to Nigerians.
The Federal Government, however, has defended its economic reforms, including the removal of the petrol subsidy, while pointing to increased federation revenues and measures intended to reduce transportation costs. President Tinubu recently said the government was working with states to expand CNG-powered transport and achieve measurable reductions in fares from October 1.
Makinde said Oyo State’s monthly wage bill had increased from about N4.5 billion when he assumed office to N18 billion.
He said the increase had occurred despite higher allocations from the Federation Account, stressing that workers were still experiencing economic pressure because of rising living costs.
To provide additional relief, the governor announced that his administration would renew the wage award for Oyo workers for another three months.
The state government will also continue its transport subsidy as part of measures to cushion the effect of increased transportation and living costs.
Makinde called for continued engagement between the government and labour leaders over the economic difficulties confronting workers.
The governor also criticised President Tinubu over the issue of formally transferring presidential functions to Vice President Kashim Shettima while the President is outside the country.
Makinde contrasted Tinubu’s situation with his own recent vacation, during which he said he handed over the administration of Oyo State to his deputy, Bayo Lawal.
“I went on vacation, but I handed over to my deputy,” Makinde said.
He questioned why the President had not formally handed over to the Vice President and urged Tinubu to comply with the constitutional provisions governing presidential authority.
“If the president is not around, hand over the government to the vice-president. That is the constitution,” he said.
Makinde, who is seeking the presidency on the APM platform in 2027, has increasingly used his public engagements to highlight economic hardship, workers’ welfare and constitutional governance.
His latest comments combine criticism of the Federal Government’s economic policies with a call for clearer transfer of presidential authority when the President is away from the country.
The remarks come as political activities ahead of the 2027 general elections continue to intensify across Nigeria.
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