Oyo Targets Economic Expansion, Reduced Federal Dependence in Last Full-Year Budget of Makinde Administration
Oyo State Governor, Seyi Makinde, on Monday signed the state’s ₦892 billion 2026 Appropriation Bill into law, declaring that the budget is deliberately structured to prioritise production over consumption as a strategy for long-term economic growth.
The budget signing ceremony was held at the Executive Chambers of the Governor’s Office, Secretariat, Ibadan.
Speaking after assenting to the bill, Governor Makinde said the 2026 budget was designed to expand the state’s productive capacity and reduce its reliance on federal allocations, which he described as critical to achieving sustainable development.
He urged all stakeholders to remain committed to the laid-down implementation framework to ensure that residents derive maximum benefit from the budget.
According to the governor, his administration has consistently adopted a realistic budgeting approach, leading to significant improvements in budget performance over the past six years.
Makinde noted that although the ₦892 billion budget was carefully crafted, the state government may introduce a supplementary budget if revenue improves or ongoing economic projects begin to generate surplus income.
“This is the last full-year budget of this administration,” Makinde said. “When we assumed office in 2019, we met a budget prepared by another government, which we reduced by about 25 per cent due to poor implementation records of around 37 per cent. Since then, we have seen steady improvements in budget performance.”
He explained that the 2026 budget deliberately deemphasises consumption in favour of investments that grow the economy.
“We want to expand our economy and depend less on federal allocation. That is the only path to sustainable growth,” the governor stated.
Citing the Oyo–Iseyin Road rehabilitation as an example of the administration’s production-driven policy, Makinde recalled how the state sought federal approval in 2021 to fix the road because of its strategic importance to the Fasola Farm Estate, a key agricultural hub in the state.
“It took two years to get approval, but today, that road has been fixed, and economic activities around Fasola are flourishing,” he said, adding that Oyo State would continue to “dare to be different” in its development approach.
Makinde stressed that the government’s spending philosophy is anchored on producing what it consumes, noting that increased productivity would naturally translate into higher consumption capacity.
As he prepares to leave office, the governor appealed for collective support to ensure consistent budget implementation beyond May 29, when he hands over to the next administration.
“If we experience surplus revenue or windfalls during the year, we will return to the House of Assembly with a supplementary budget. We may still reach the ₦1 trillion mark, but it will be through data and logic, not guesswork,” he said.
Governor Makinde also expressed appreciation to the Oyo State House of Assembly, traditional rulers, labour unions, and residents for their cooperation, describing the relationship with labour as peaceful and progressive.
“Here, it has always been Oyo State first,” he said.
Earlier, the Speaker of the Oyo State House of Assembly, Adebo Ogundoyin, said lawmakers ensured the prompt passage of the 2026 budget in line with global financial best practices.
Describing the budget as bold and daring, Ogundoyin said it was carefully reviewed to ensure it improves the quality of life of residents. He attributed its swift passage to the strong synergy between the executive and legislative arms of government.
He commended Governor Makinde for his achievements in workers’ recruitment across the public and civil service and assured continued legislative support for policies that promote economic growth, infrastructure development, and social welfare.
Also speaking, the Commissioner for Budget and Economic Planning, Musibau Babatunde, said the 2026 budget is anchored on productive and transformational projects aimed at positioning Oyo State as a global economic landmark.
The event was attended by several dignitaries, including former Oyo State Governor and Olubadan of Ibadanland, Oba Rashidi Ladoja; Deputy Governor Abdulraheem Bayo Lawal; former deputy governors Hamid Gbadamosi and Hazeem Gbolarumi; and the Alaafin of Oyo, Oba Akeem Owoade, among others.
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