Oyo State Governor and Allied Peoples Movement (APM) presidential candidate Seyi Makinde has criticised the economic policies of President Bola Tinubu, describing the current situation as a “voodoo economy” and arguing that the old N18,000 minimum wage had greater purchasing power than the current N70,000.
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 compared workers’ wages and the cost of living during the administration of former President Goodluck Jonathan with the current economic situation.
According to him, although federal allocations to states have increased, the rise has been accompanied by a much higher wage bill and increased pressure on workers.
“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. The minimum wage as of the time I came was N18,000. Today, it is N80,000. But the N18,000 of that time can even buy more than what the current N70,000 can do today.
“That is the kind of voodoo economy that they have handed over to Nigeria.”
Nigeria’s minimum wage was increased from N18,000 to N30,000 in 2019 under former President Muhammadu Buhari. President Tinubu later signed the N70,000 minimum wage into law in July 2024 following negotiations with organised labour.
The Federal Government has defended its economic reforms, including the removal of the petrol subsidy. Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele said in August that the reforms had mobilised N15.8 trillion in resources for the federation between June 2023 and December 2025.
Makinde, however, argued that the increase in government revenue had not translated into sufficient relief for workers facing higher living costs.
He called on the Nigeria Labour Congress (NLC) to engage with his administration over the difficulties facing workers, while acknowledging the limits on available resources.
In response to the economic pressures, Makinde said his administration would extend its existing wage award for another three months and continue transport subsidies for workers in the state.
The governor also criticised President Tinubu over the transfer of presidential powers to Vice-President Kashim Shettima during the president’s absence from the country.
Makinde compared Tinubu’s situation with his own recent vacation, saying he handed over responsibility to his deputy, Bayo Lawal, before leaving the state.
“I went on vacation, but I handed over to my deputy governor. I am running to be the president of Nigeria because I have the capacity,” Makinde said.
He questioned why Tinubu had not formally transferred power to Shettima and argued that the president should comply with the constitutional provision governing temporary absence.
“They’re trampling on the constitution of Nigeria. If the president is out of the country, why is he scared of handing over power to the vice-president?”
Under Section 145 of the 1999 Constitution, when the President transmits a written declaration to the President of the Senate and the Speaker of the House of Representatives that he is proceeding on vacation or is otherwise unable to discharge the functions of his office, those functions are to be discharged by the Vice-President as Acting President until the President transmits a declaration to the contrary.
Makinde said his own decision to hand over to his deputy demonstrated what he described as the importance of ensuring continuity in government during a leader’s absence.
“I went away for one month, but my team was able to carry the responsibility of running the state. So, tell him (Tinubu) to follow the constitution of Nigeria.”
The comments come as Makinde continues preparations for the 2027 presidential election under the APM, while making the economy, security and governance central themes of his political campaign. His campaign platform identifies the economy, security, education and governance as its four major areas of focus.
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