Makinde presents N1.12tn 2027 budget, earmarks N670bn for capital projects
By Adejayan Gbenga
Oyo State Governor, Seyi Makinde, has presented a proposed budget of N1.12 trillion for the 2027 fiscal year to the state House of Assembly, allocating N670.03 billion to capital projects and N445.31 billion to recurrent expenditure.
Tagged the “Budget of Sustained Progress”, the proposal was presented on Tuesday in Ibadan as the final annual budget of Makinde’s administration, before he leaves office on May 29, 2027, after completing two terms. Capital expenditure accounts for 60.07 per cent of the proposed spending, while recurrent expenditure represents 39.93 per cent.
Presenting the appropriation bill, Makinde said the estimates were informed by consultations with residents and stakeholders across the state’s seven geopolitical zones. He added that their priorities, concerns and expectations were considered in preparing the spending plan, with approximately N60 out of every N100 earmarked for capital investment.
A breakdown of the proposal shows that infrastructure received the largest allocation of N236.15 billion, representing 21.17 per cent, followed by education with N190.53 billion, or 17.08 per cent. Healthcare was allocated N93.01 billion, while energy and mineral resources received N69.37 billion. Agriculture got N23.85 billion.
The proposed budget is slightly higher than the revised 2026 budget of approximately N1.102 trillion, which followed the approval of a N210 billion supplementary appropriation by the State Assembly in September. It also represents an increase from the initial 2026 budget of N891.99 billion.
Further analysis shows that capital expenditure increased from N502.85 billion in the initial 2026 budget to N670.03 billion in the 2027 proposal, representing a rise of about 33.2 per cent. Recurrent expenditure also increased from N389.14 billion to N445.31 billion, while education funding rose from N155.21 billion to N190.53 billion and healthcare allocation increased from N70.85 billion to N93.01 billion.
Acknowledging that the proposed budget would extend beyond his tenure, Makinde said his administration would implement only part of the estimates before handing over on May 29, 2027. He said the incoming administration would be responsible for implementing the remaining portion, adding that his government was committed to leaving clear records, documented commitments and sustainable institutions.
The governor urged lawmakers to ensure that any adjustments to the estimates reflected the interests and expectations of residents. He also called on the electorate to consider continuity in the 2027 elections, assuring them that his administration would continue working until its final day in office and expressing hope that it would leave behind completed projects, stronger public institutions and expanded opportunities.
