Makinde Presents N891.9bn ‘Budget of Economic Expansion’ For 2026 To Oyo Assembly

Oyo State Governor, Seyi Makinde, on Wednesday presented the 2026 Appropriation Bill to the State House of Assembly, proposing a total budget of ?891.98 billion for the fiscal year.

Tagged the “Budget of Economic Expansion,” the proposal aims to accelerate economic growth, deepen industrialization, and consolidate the gains of the 2025 fiscal year.

Presenting the budget at the Assembly Chambers, Secretariat, Agodi, Ibadan, the governor said Oyo State is now positioned as a productive, self-sufficient, and investment-ready economy, with multiple flagship projects designed for global market integration.

Breakdown of the 2026 Budget

Governor Makinde disclosed that:

• Capital Expenditure: ?502.8bn (56.7%)
• Recurrent Expenditure: ?389.1bn (43.3%)

He explained that prioritising capital projects would fast-track infrastructure, industrialisation, and job creation across the state.

Sectoral Allocations

• Infrastructure: ?210.02bn (23.55%)
• Education: ?155.2bn (17.40%) — above UNESCO benchmark
• Health: ?70.8bn (7.94%)
• Agriculture: ?19.9bn (2.24%)

The governor noted that the state’s rising Internally Generated Revenue (IGR) has been achieved without introducing new taxes, crediting automation, improved efficiency, and the stability brought by the 2025 Budget of Economic Stabilisation.

Major Projects Driving the Economic Expansion Agenda

Makinde highlighted several ongoing and new strategic investments, including:

• African Continental Free Trade Area (AfCFTA) initiative
• Oluyole Free Trade Zone
• Special Agro-Processing Zones (SAPZ)
• Dry port and logistics hub
• Ibadan International Airport upgrade
• 110km Rashidi Ladoja Circular Road development corridor
• Ibadan Central Bus Terminus 1 & 2

He said these projects collectively position Oyo State as a regional logistics centre, industrial hub, and export gateway.

The governor also celebrated the state’s prompt salary payments, uninterrupted social services, and improved investor confidence.

Oyo At 50

Makinde announced that Oyo State will celebrate its 50th anniversary in February 2026, describing the milestone as an opportunity to highlight the state’s heritage and document its progress for future generations.

Assembly’s Response

Speaker of the House, Rt. Hon. Adebo Ogundoyin, praised Governor Makinde for his “visionary leadership” and the success of the 2025 Budget of Economic Stabilisation.

He said the 2026 budget reflects strategic priorities aligned with the state’s Medium-Term Expenditure Framework (MTEF 2026–2028) and promised thorough oversight to ensure transparent and impactful implementation.

Dignitaries in Attendance

The event was attended by:

• Deputy Governor Bayo Lawal
• PDP National Secretary Taofeek Arapaja
• Former Deputy Governors
• Former Speaker Senator Monsurat Sunmonu
• Chief Judge Justice Iyabo Yerima
• Secretary to the State Government, Prof. Olanike Adeyemo, and other top government officials, traditional leaders, labour leaders, and stakeholders.