Oyo Assembly passes ₦892bn 2026 budget, reallocates ₦2bn to capital projects

By Adejayan Gbenga –

The Oyo State House of Assembly has passed the 2026 Appropriation Bill into law, approving a total budget of ₦892.09 billion.

The bill was passed after the House considered the report of the Committee on Finance, Appropriation and State Economic Planning.

Chairman of the committee and Deputy Leader of the House, Hon. Olasunkanmi Babalola, said the Assembly reallocated ₦2 billion from overhead costs to capital expenditure to promote infrastructure development and fiscal discipline.

According to him, the adjustment reduced overhead expenditure from ₦389 billion to ₦387 billion, while capital expenditure increased to over ₦504 billion, reflecting a stronger focus on developmental projects and long-term investments.

Babalola disclosed that the budget was the result of a comprehensive review of allocations across ministries, departments and agencies, adding that the Assembly remains committed to ensuring transparency and accountability through effective oversight.

He noted that the early passage of the budget before the end of the year would allow the state government to begin implementation from January 1, in line with the January–December budget cycle.

The lawmaker also disclosed that the Ministry of Environment and Natural Resources is a major beneficiary of the 2026 budget, in response to concerns raised by Governor Seyi Makinde on waste management and environmental sustainability.