Governor Seyi Makinde of Oyo State, has presented the 2026 Appropriation Bill to the State House of Assembly, outlining a budget plan valued at N891.98 billion.
Tagged the “Budget of Economic Expansion,” the proposal emphasised infrastructure development, industrial growth, and enhanced social services as key drivers for Oyo State’s ambition to integrate into the global market.
Presenting the budget at the Assembly Chambers in Agodi, Ibadan, Governor Makinde highlighted the strategic objectives behind the proposed spending.
According to him, the capital expenditure component of the budget stands at N502.8 billion (56.7%), while recurrent expenditure totals N389.1 billion (43.3%).
“Under the 2025 Budget of Economic Stabilisation, we strengthened the state’s economic foundations.
”For 2026, we aim to build on these gains to accelerate growth and productivity,” Governor Makinde stated.
He underscored the importance of several ongoing projects, including the Africa Continental Free Trade Area initiative, the Oluyole Free Trade Zone, and Special Agro-Processing Zones (SAPZ), which are expected to stimulate industrialisation and enhance value addition in agriculture.
Governor Makinde detailed key infrastructure projects supported by the budget, including:
Upgrading of Samuel Ladoke Akintola International Airport, enabling Oyo State to receive wide-bodied aircraft and facilitating tourism, logistics, and investment opportunities.
The 110-kilometer Rashidi-Ladoja Circular Road, connecting transport and commercial hubs to catalyze regional trade and industrial development.
Development of modern bus terminals across Ibadan to enhance mobility for workers, traders, students, and residents, supported by state-backed subsidies since 2023.
The Oyo State Agribusiness Industrial Hub at Ijaye, expanding the success of the Fasola model and promoting agro-industrialisation.
The governor also highlighted allocations by sector, with N210 billion earmarked for infrastructure, N155 billion for education (exceeding UNESCO’s recommendations), N70.8 billion for health, and N19.9 billion for agriculture.
He praised the state’s fiscal management, noting that the increase in Internally Generated Revenue (IGR) had been achieved without imposing additional taxes.
“Businesses thrived, workers were paid promptly, and social services continued uninterrupted.
These measures have stabilised the economy and created a platform for sustainable growth,” he added.
Governor Makinde also spoke of Oyo State’s upcoming 50th anniversary in February 2026, describing it as an opportunity to celebrate the creativity of the people and showcase the state’s progress to future generations.
In his remarks, Speaker Rt. Hon. Adebo Ogundoyin lauded Governor Makinde for his “visionary leadership” and the balanced allocation of resources across sectors.
He affirmed the Assembly’s commitment to work collaboratively with the Executive, ensuring that the 2026 budget is implemented effectively and transparently to deliver measurable impact.
The budget presentation attracted a wide array of stakeholders, including the Deputy Governor Barr. Bayo Lawal, former deputy governors, legislators, judiciary representatives, traditional rulers, religious leaders, labor union officials, and senior government functionaries.
Governor Makinde’s 2026 budget underscores Oyo State’s determination to maintain economic stability, drive infrastructure-led growth, and position the state as a competitive player in regional and global markets.
