The House of Assembly has been given the 2026 Appropriation Bill for legislative review and approval by Oyo State Governor Seyi Makinde.
Budget of Economic Expansion is a proposal for a budget that includes 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 Only), according to the budget proposal.
Governor Makinde stated that the proposed budget’s purpose was to “push further on the growth of the state economy,” stressing that several flagship projects and ongoing investments have made Oyo State a self-sufficient state that is ready for global market integration, while presenting the budget proposal to the House of Assembly Chambers, Secretariat, Agodi, Ibadan.
He pointed out that the budget proposal’s capital expenditures total 510. 8 billion, or 56.7 percent, are allocated for recurrent expenditures, which account for 43.3% of the budget.
Read more about the Oyo government’s donation of four operating vehicles to the Ibadan Airport.
The education sector will receive 152. 2 billion, or 17. 40%, above the UNESCO recommendation for education, while infrastructure will receive 210. 2 billion, which is 23. 55% of the total budget estimate.
He added that agriculture will receive 19.9 billion, which is 2.24 per cent of the overall budget, while the health sector will receive a total of 70.8 billion, which is 7.94 per cent.
Governor Makinde explained the anticipated revenues that would drive the budget, noting that the state’s internally generated revenue increased without putting more people in the tax haven as a result of the 2025 budget, which he claimed would have stabilized the state’s economy for the expansion of the state.
The penultimate budget proposal from our administration, which we have titled the “Budget of Economic Expansion,” is what he said, Mr. Speaker, Honorable Members of the Oyo State House of Assembly, will appear before you today.
We consolidated the economic gains from previous budgets with the 2025 Budget of Economic Stabilization.
“So it makes sense that we should push forward with the state’s economy’s growth for 2026.
Our state is now positioned for a production-driven economy, according to Mr. Speaker, with a number of flagship projects and ongoing investments. The Africa Continental Free Trade Area initiative is one of them. Local producers will have access to the continent’s integrated markets thanks to this. Oluyole Free Trade Zone is the following one. This aims to draw in manufacturing, assembly plants, and export-oriented industries. The SAPZ, or Special Agro-Processing Zones, is another one. This will increase agro-industrialization and increase primary agricultural outputs to higher-value goods.
The dry pot and logistics hub are both present, which help boost Oyo’s trade competitiveness and improve supply chain efficiency. Additionally, Samuel Ladoke Akintola Airport’s upgrading to international standards establishes the state as a regional logistics and investment hub.
The 110-kilometer Rashidi-Ladoja Circular Road and its development corridor also contribute to strengthening regional connectivity and fostering economic growth by connecting important commercial and transportation hubs. In order to support the theme of economic expansion, this project represents a decisive policy change that emphasizes industrial productivity, export competitiveness, and global market integration.
The recently finished Ibadan Central Bus Terminus 1 and 2 at Iwo Road and New Ife Road was put on the market by the House’s Speaker, Honorable Members of the House, less than two weeks ago. Thus, Ibadan can now boast of four state-operated, contemporary bus terminals. Additionally, we have been providing subsidies for these buses since 2023. Not to mention our elderly, our people who are challenged, but they have made mobility easier for workers, traders, and students. That subsidy benefits everyone.
We finished Phase 1 of the Ibadan International Airport Upgrade Project in September. Wide-bodied aircraft can be delivered to Oyo State today. This development opens up opportunities for international trade, tourism, and investment.
“We’ve gotten some new investors, and we’ve begun the Oyo State Agribusiness Industrial Hub, Ijaye,” citing Fasola’s success. Fiscal resilience was strengthened by our performance in 2025.
“We eliminated the need to charge new taxes on the citizens while increasing internal revenue generated by automation and efficiency.” In my campaign for 2018-2019, I promised that Oyo State would not face any additional taxes. Without adding any new taxes, I’m pleased to report that our internal revenue has increased. Businesses experienced growth. The workers received prompt pay. The promise I made on May 29, 2019, that employees would receive their salaries on the 25th of each month has been kept. Social services have continued uninterruptedly.
These accomplishments, made possible by the budget for 2025, have stabilized our economy, created jobs, and expanded our foundation for long-term growth.
We are about to start a new chapter. The 2026 Economic Expansion Budget, which includes N891, 985, 074, and 480.79, builds on the foundation of stability to promote growth and inclusion. N502, 846, 477, 812, 985 is dedicated to capital expenditure while N389, 138, 596, 667.94 will go to recurrent expenditure. “
Governor Makinde also made a point about Oyo State’s 50th anniversary in February 2026, stating that it will be a celebration of the people’s creativity and individuality and also serve as a platform for the state’s history for the coming generations.
Speaker of the Rt. Hon. Governor Makinde was commended for his visionary leadership and the remarkable progress made under the 2025″ Budget of Economic Stabilization, by Adebo Ogundoyin.
According to him, the state’s MTEF 2026-2028-2028 budget’s balanced distribution across sectors demonstrated a commitment to strategic priorities, inclusive growth, and long-term sustainability.
The Speaker also assured of responsible implementation of the budget and accountability for all projects to have measurable effects on the state, while promising to continue to work with the Executive and other branches of government to implement policies and programs that uplift the people and transform the state.
The deputy governor of Oyo State, Barr, was present at the event. Ambassador Taofeek Arapaja, former Deputy Governors, Engr., and Bayo Lawal, former deputy governor and PDP national secretary. Honourable Justice Iyabo Yerima, the Chief Judge of Oyo State, Honourable Justice Gbadamosi, Barr Hazeem Gbolarumi, former Speaker of the House of Assembly, Senator Monsurat Sunmonu, and former Chief Judge of Oyo State, Honourable Justice Iyabo Yerima.
Source: Channels TV
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