Governor Makinde signs N892bn 2026 budget into law

By Adejayan Gbenga –

Oyo State Governor, Seyi Makinde, has signed the N892 billion 2026 Appropriation Bill into law, declaring that the budget prioritises production over consumption as a strategy to expand the state’s economy.

The governor made this known on Monday, shortly after assenting to the bill at the Executive Chambers of the Governor’s Office, Secretariat, Ibadan. He urged all stakeholders to work in line with established implementation frameworks to ensure the budget delivers tangible benefits to residents.

Makinde affirmed that the 2026 budget is designed to drive genuine economic growth and reduce the state’s dependence on federal allocations. He noted that the administration has maintained a realistic budgeting process, resulting in improved budget performance over the past six years.

According to the governor, the budget is the last full-year spending plan of his administration and reflects lessons learned since 2019, when the government reduced the inherited budget by about 25 per cent due to low implementation levels.

“This 2026 budget deemphasises consumption and focuses on production. We want to expand our economy and depend less on federal allocations, as that is the only path to sustainable growth,” he said.

Makinde cited the rehabilitation of the Oyo–Iseyin Road to support activities around the Fasola Farm Estate as an example of the administration’s production-driven approach, noting that the project has already stimulated economic activities in the area.

He added that the government may present a supplementary budget later in the year if surplus funds or improved revenues arise, stressing that any expansion toward the N1 trillion mark would be based on data and logic, not speculation.

The governor also thanked the Oyo State House of Assembly, traditional rulers, labour unions, and residents for their cooperation, describing the relationship among stakeholders as peaceful and development-focused.