The Oyo State Executive Council, led by Governor Seyi Makinde, has approved a total of ₦5.813 billion as compensation for more than 900 property owners affected by the ongoing Ibadan Circular Road project.
The decision is part of the government’s effort to address displacement concerns and maintain momentum on one of the state’s major infrastructure developments.
The Commissioner for Information, Prince Dotun Oyelade, disclosed the approval in an official statement, emphasising the scale and intent behind the payment. He said, ‘A total of Five Billion, Eight Hundred and Thirteen Million Naira has been approved for payment to over 900 affected property owners’.
He further explained that the compensation is designed to resolve tensions and clear up misconceptions about the project. According to him, ‘This move will not only put a stop to agitation and misinformation surrounding the Circular Road project, but also pave the way for accelerated planning and development’.
The Council also believes the decision will have broader economic benefits. Oyelade noted, ‘It will boost investors’ confidence and bring to reality the vision of a transformed urban development of Ibadan and Oyo State’.
Providing context, the Council recalled that compensation efforts are already underway, with significant payments made previously. ‘Over Eight Hundred Million Naira had earlier been paid in the first phase within the past 18 months’, he added.
On the broader economic situation, Oyelade highlighted the state’s continued support for residents, stating, ‘Oyo State remains one of the few states that has consistently supported the masses since the removal of the fuel subsidy’.
In addition to the compensation approval, the Council also endorsed plans to host a major cultural and tourism event. Oyelade said, ‘The Council approved the hosting of the 2026 Oyo State International Tourism Summit to consolidate the successes recorded in previous editions and further expand the state’s cultural and global potential’.
