The Oyo State Governor, Seyi Makinde has signed the state’s ₦892 billion 2026 Appropriation Bill into law.
Speaking shortly after the budget signing ceremony held at the Executive Chambers of the Governor’s Office, Secretariat, Ibadan, the governor said that the budget deemphasises consumption and is focused on increasing production, as that remains the best way to expand the economy of the state.
He called on all stakeholders in the state to work consistently in line with the laid-down patterns to achieve the full implementation of the 2026 Budget for the benefit of Oyo State residents.
The governor stated that his administration has maintained a realistic budgetary process and has achieved improved budget performance over the last six years.
He noted that the ₦892 billion 2026 Budget aims to engender genuine growth by ensuring lesser dependence on federal allocations.
Makinde, however, explained that the state government might come up with a supplementary budget in the course of the year if there is a financial surplus, or if some of the ongoing economic landmark projects begin to yield fruit.
He said, “This budget that has just been signed into law is the last full-year budget of this administration. When we came in 2019, the budget we met was prepared by another administration. We reduced the budget by about 25 per cent.
“This was because when we looked at the track record over the years and the percentage of implementation, it was around 37 per cent. So, we thought it was better to cut our coat according to our material. After we did that, Oyo State began to experience improved budget performance.
“For us, this 2026 budget has deemphasised consumption. We are in an environment where there is a lot of history around us. We dare to be different, and we want to be productive. We want to expand our economy and depend less on federal allocation, because that is the only path that can bring about sustainable growth for us.
Speaking before presenting the 2026 Appropriation Bill to the Governor for assent, the Speaker of the Oyo State House of Assembly, Rt Hon. Adebo Ogundoyin, said the House of Assembly ensured the timely passage of the bill in line with financial global practices.
He noted that the lawmakers ensured that the 2026 Budget, which he described as bold and daring, would directly impact the quality of life for the people, adding that the swift but conscientious passage is a testament to the synergy between the executive and legislative arms of government.
He commended Governor Makinde for his unprecedented achievements in terms of recruitment of more workers both in the public and civil service, assuring him of the lawmakers’ support for policies and programmes that drive economic growth, improve infrastructure, and enhance the overall quality of life of the citizens.
He further assured that the legislative arm would continue to perform its oversight duties effectively to ensure that the budget is fully implemented, and that every kobo allocated translates into real value for their constituents.
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