The Oyo State Governor, Seyi Makinde, on Monday presented the 2026 Appropriation Bill to the House of Assembly for review and approval. The budget proposal, themed the “Budget of Economic Expansion,” is pegged at ₦891,985,074,480.79 (Eight Hundred and Ninety-One Billion, Nine Hundred and Eighty-Five Million, Seventy-Four Thousand, Four Hundred and Eighty Naira, Seventy-Nine Kobo).
Speaking at the House of Assembly Chambers, Secretariat, Agodi, Ibadan, Governor Makinde said the proposed budget is designed to drive further growth in the state economy and leverage ongoing flagship projects to position Oyo State for global market integration.
He highlighted that the capital expenditure component of the budget is ₦502.8 billion, representing 56.7%, while ₦389.1 billion is allocated to recurrent expenditure (43.3%). Infrastructure is set to receive ₦210.02 billion (23.55%), the education sector ₦155.2 billion (17.4%), exceeding UNESCO’s recommendation. The health sector will get ₦70.8 billion (7.94%), and agriculture ₦19.9 billion (2.24%).
On revenue projections, Governor Makinde explained that the state’s Internally Generated Revenue (IGR) has increased without imposing new taxes, crediting the 2025 budget for stabilising the economy and creating a foundation for growth.
He said: “Under our 2025 Budget of Economic Stabilisation, we consolidated on the gains of previous budgets. For 2026, it is only logical that we press on further growth of the state’s economy. Several flagship projects and ongoing investments now position Oyo State for a production-led economy, including initiatives like the Africa Continental Free Trade Area, Oluyole Free Trade Zone, Special Agro-Processing Zones (SAPZ), dry port and logistics hub, and the upgrading of Samuel Ladoke Akintola Airport to international standards.”
Governor Makinde also highlighted ongoing infrastructure projects, including the 110-kilometer Rashidi-Ladoja Circular Road, modern bus terminals in Ibadan, and the Phase 1 upgrade of Ibadan International Airport, which now accommodates wide-bodied aircraft.
The governor noted that the 2026 budget builds on the stability achieved in 2025, with ₦502.85 billion dedicated to capital expenditure and ₦389.14 billion to recurrent expenditure, aiming to drive productivity and inclusive growth.
He also pointed out that Oyo State will celebrate its 50th anniversary in February 2026, describing the event as a platform to showcase the creativity and achievements of the state’s people.
In response, Speaker Rt. Hon. Adebo Ogundoyin commended Governor Makinde for his visionary leadership and the successes of the 2025 budget. He assured that the House would ensure judicious implementation, accountability, and measurable impact of the 2026 budget.
The budget presentation was attended by top government officials, including Deputy Governor Bayo Lawal, former Deputy Governors Ambassador Taofeek Arapaja, Engr. Hamid Gbadamosi, and Barr Hazeem Gbolarumi, former Speaker Senator Monsurat Sunmonu, Chief Judge Hon. Justice Iyabo Yerima, as well as commissioners, local government chairmen, traditional rulers, religious leaders, and labour union representatives.
