Makinde Submits ₦892bn 2026 Budget to Oyo Assembly

Oyo State Governor Seyi Makinde has presented a ₦891.98 billion budget proposal for the 2026 fiscal year, outlining an ambitious plan to accelerate the state’s economic growth and deepen ongoing reforms. The proposal, titled the Budget of Economic Expansion, was laid before lawmakers at the Oyo State House of Assembly on Monday.

Makinde said the new spending plan builds on the gains of the 2025 budget, which he described as a stabilization year that strengthened the state’s fiscal resilience without increasing taxes. According to him, Oyo has now reached a point where it can “press further on growth,” driven by a series of completed and ongoing flagship projects expected to enhance production, logistics, and market access.

Under the proposal, capital expenditure takes the larger share at ₦502.8 billion, representing 56.7 percent of the total budget, while recurrent spending is pegged at ₦389.1 billion, or 43.3 percent. Infrastructure receives the highest sectoral allocation with ₦210.02 billion (23.55 percent), followed by education at ₦155.2 billion (17.4 percent), a figure the governor noted surpasses UNESCO’s benchmark. The health sector is allocated ₦70.8 billion, while agriculture gets ₦19.9 billion.

Makinde Says Ibadan Convention Will Mark PDP’s National Turnaround

Makinde highlighted strategic projects such as the AfCFTA market access initiative, the Oluyole Free Trade Zone, the Special Agro-Processing Zones, and the ongoing upgrade of the Ibadan Airport to international standards. He said these investments are positioning Oyo as a regional logistics hub and a manufacturing-friendly destination that can compete globally.

He also referenced the commissioning of the Ibadan Central Bus Terminals and the progress on the 110-kilometre Rashidi Ladoja Circular Road, describing them as key drivers that will boost mobility, trade, and industrial growth.

The governor assured that the state’s rising internally generated revenue was achieved through automation and efficiency, not additional tax burdens. He restated that workers’ salaries would continue to be paid on the 25th of every month, as promised since 2019.

Speaker Adebo Ogundoyin commended the proposal, saying its sectoral spread reflects the state’s medium-term expenditure framework and a commitment to sustainable growth. He also pledged the Assembly’s cooperation in ensuring accountability and proper implementation once the budget is approved.

Makinde noted that the budget year coincides with Oyo State’s 50th anniversary in February 2026, adding that the milestone would be marked by events that showcase the state’s economic and cultural evolution.