A HARD QUESTION FOR GOVERNOR SEYI MAKINDE AND THE OYO STATE MINISTRY OF ENERGY & MINERAL RESOURCES
Oyo State is blessed with mineral resources.
For years, government has talked about exploiting these resources, attracting investors and increasing internally generated revenue from the mining sector.
Governor Seyi Makinde even created the Ministry of Energy & Mineral Resources, with responsibility for developing the sector and increasing its contribution to the state’s economy.
So today, we ask a very simple question:
SINCE 2019, HOW MUCH MONEY HAS OYO STATE ACTUALLY COLLECTED FROM ITS MINERAL WEALTH?
Not projections.
Not promises.
Not press releases.
ACTUAL MONEY COLLECTED.
The public deserves a complete year-by-year statement.
And this is where the problem begins.
The publicly available government records are fragmented across budget-performance reports, audited accounts and different government agencies. There is no single, consolidated public statement readily available showing the complete 2019–2025 mineral-revenue collection by source, operator, mineral, licence, royalty, rent, levy and other charges.
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That is a serious transparency gap.
LOOK AT THE FIGURES THAT ARE AVAILABLE
The Solid Minerals Development Agency recorded approximately:
2021 — ₦42.7 million
2022 — approximately ₦44.8 million
2023 — ₦27.1 million
2024 — ₦82.2 million in the audited accounts
And in the 2025 Q2 report, only ₦25.3 million had been recorded year-to-date.
These figures alone raise questions.
And there is an even more troubling issue.
For 2024, the audited financial statements record approximately ₦82.2 million for the Solid Minerals Development Agency, while the Q4 budget-performance report gives approximately ₦103.7 million.
WHY THE DIFFERENCE?
Which figure represents the final actual collection?
Where is the reconciliation?
Who explains the discrepancy to the people of Oyo State?
AND LET US BE VERY CLEAR
We are not saying that these figures represent every naira connected with mining in Oyo State.
That would be irresponsible.
The mineral sector involves different revenue streams and government institutions, including the Solid Minerals Development Agency and the Bureau of Internal Revenue.
That is precisely why the government needs to publish a complete consolidated statement.
Oyo people should be able to see:
Mineral operator.
Type of mineral.
Licence or permit.
Statutory charge.
Royalty/fee/rent assessed.
Amount actually paid.
Date of payment.
Government account into which the money was paid.
Annual budget target.
Actual annual collection.
That is what transparency looks like.
AND HERE IS ANOTHER IMPORTANT FACT
The Solid Minerals Development Agency itself says that its mineral-development history predates the Makinde administration.
Its official history states that the function began as a Mining and Geology Division in 1983, became a department in the Governor’s Office in 2014, and was upgraded to an agency in August 2014.
The agency also states that 269 mineral licences/grants had already been issued in Oyo State as of 2019.
So the question is not whether Oyo has mineral resources.
WE KNOW IT DOES.
The question is:
WHAT HAS THE PEOPLE OF OYO STATE ACTUALLY RECEIVED FROM THIS WEALTH?
Where is the money?
Where are the annual collections?
Where are the mineral-by-mineral revenue figures?
Where is the list of active operators?
Where is the reconciliation between what operators owe and what government actually collected?
Where is the enforcement report?
Where is the evidence that mineral wealth is being converted into sustainable public revenue?
GOVERNMENT MUST NOT CONFUSE ACTIVITY WITH REVENUE
Opening a ministry is not revenue.
Creating an agency is not revenue.
Issuing licences is not revenue.
Holding meetings with investors is not revenue.
Announcing mineral potential is not revenue.
Revenue is money actually collected into government coffers.
And that is the figure Oyo people deserve to know.
If the mining sector has generated hundreds of millions or billions of naira, publish the records and let the figures speak.
If it has generated only tens of millions, tell the people why.
If revenue is being collected through different agencies and accounts, consolidate it and publish it.
If there are discrepancies in the accounts, explain them.
There is nothing wrong with asking these questions.
THE PEOPLE OWN THE RESOURCES.
Government is only the custodian.
THIS IS NOT A POLITICAL ATTACK.
It is a demand for accountability.
Governor Seyi Makinde has been in office since 2019.
His administration has repeatedly spoken about improving internally generated revenue and developing Oyo’s economic potential.
Fine.
Then let us measure performance with actual numbers, not political speeches.
Oyo State deserves a complete 2019–2025 Mineral Revenue Statement.
Not tomorrow.
Not another press release.
Not another projection.
THE RECORDS.
THE COLLECTIONS.
THE RECONCILIATION.
THE MONEY.
Because Oyo State cannot sit on mineral wealth while its citizens are repeatedly told that government is looking for more revenue.
THE QUESTION REMAINS:
OYO STATE IS RICH IN MINERAL RESOURCES — SO WHERE IS THE MONEY?
LET THE GOVERNMENT PUBLISH THE COMPLETE YEAR-BY-YEAR FIGURES.
LET THE DOCUMENTS SPEAK.
LET THE PEOPLE OF OYO STATE SEE FOR THEMSELVES.
