Oyo State Governor, Engr. Seyi Makinde, on Monday laid before the Oyo State House of Assembly a 2026 Appropriation Bill estimated at ₦891,985,074,480.27, unveiling what he described as a forward-leaning fiscal blueprint designed to accelerate economic expansion and position the state as a competitive player in regional and global markets.
Presenting the proposal, christened the “Budget of Economic Expansion,” Governor Makinde said the 2026 fiscal plan marks a strategic transition from stabilisation to full-scale growth, leveraging infrastructure consolidation, human capital development and targeted investments in priority sectors to drive sustainable prosperity.
Makinde noted that the budget’s structure reflects his administration’s determination to strengthen the foundations of the state’s production capacity, deepen private-sector participation and align Oyo’s economy with emerging opportunities across Africa’s expanding trade ecosystem.
Of the total budget size, capital expenditure is projected at ₦502.8 billion, representing 56.7% of the fiscal plan—significantly outweighing recurrent expenditure, which stands at ₦389.1 billion or 43.3%.
According to the governor, the decision to allocate more resources to capital projects is anchored in the state’s long-term economic agenda, aimed at boosting productivity, enhancing connectivity, and creating enabling conditions for sustained private investment.
The infrastructure sector emerges as the biggest beneficiary of the 2026 proposal, receiving ₦210.02 billion—a substantial share directed at expanding and rehabilitating critical road networks, improving transportation systems, strengthening energy infrastructure and accelerating ongoing strategic projects across the state.
Makinde emphasized that robust infrastructure remains central to unlocking industrial and agricultural value chains while enhancing Oyo’s competitiveness as an investment destination.
Education receives the second-highest allocation of ₦155.2 billion (17.4%), reaffirming the administration’s commitment to boosting learning outcomes, modernising school facilities and furthering investments in tertiary institutions.
The health sector is allotted ₦70.8 billion (7.94%), with Makinde disclosing that the funds will support healthcare infrastructure upgrades, expansion of primary healthcare coverage and continued enhancement of emergency medical services.
Agriculture—which the governor described as a backbone of Oyo’s economic diversification efforts—gets ₦19.9 billion (2.24%). The allocation will target mechanisation, agribusiness development, rural farm access routes, and value-chain improvements to strengthen food security and stimulate agro-industrial growth.
Governor Makinde stated that the 2026 budget builds on the administration’s earlier reforms, particularly in macroeconomic stability, revenue optimisation and institutional strengthening. He added that the proposal is shaped to harness opportunities under the African Continental Free Trade Area (AfCFTA) and other emerging international market frameworks.
“We are deliberately shifting Oyo State from a consumption-driven economy to a production-driven one,” Makinde told lawmakers. “This budget reflects a strategic commitment to economic expansion through innovation, infrastructure and global market readiness.”
Speaker of the Oyo State House of Assembly, Hon. Adebo Ogundoyin, commended Makinde for what he termed a “bold and growth-oriented fiscal plan,” assuring that lawmakers would undertake a detailed and transparent review of the proposal to ensure alignment with public interest and fiscal sustainability.
The 2026 Appropriation Bill is expected to undergo sectoral defence sessions before final consideration and passage.
