Makinde signs N892bn 2026 budget, prioritizes production over consumption
Oyo State Governor, Engr. Seyi Makinde, on Monday, signed the 2026 Appropriation Bill into law, noting that the N892 billion budget is designed to deemphasize consumption and aggressively focus on production to expand the state's economy.
Speaking at the signing ceremony held at the Executive Chambers of the Governor's Office, Secretariat, Ibadan, Governor Makinde described the budget as a tool to engender genuine growth and reduce the state’s dependence on federal allocations.
He maintained that his administration has adhered to a realistic budgetary process over the last six years, utilizing data and logic rather than "magic" to drive performance.
The Governor highlighted the significance of the 2026 fiscal document, noting that it represents the last full-year budget of his administration. He reflected on the trajectory of budget implementation in the state, recalling that upon assuming office in 2019, he met a budget with a low implementation rate of 37 percent. By reducing that initial budget by 25 percent to match economic realities, the state began to record 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," Makinde stated.
To illustrate the administration's commitment to production, the Governor cited the reconstruction of the Oyo-Iseyin Road. He explained that the state undertook the repair of the federal road to ensure access to the Fasola Farm Estate, a hub critical to the state's agribusiness economy, despite delays in federal approval.
Makinde acknowledged that while his administration's approach might seem unconventional to some, the state would continue to "stand alone" if it means standing on the right path.
He urged all stakeholders to ensure the budget is implemented according to the consistent patterns developed over the years so that residents can derive maximum benefit.
The Governor also hinted at the possibility of a supplementary budget later in the year should the state record a financial surplus or if ongoing economic landmark projects begin to yield significant revenue.
He pledged to serve the people of Oyo State with dedication until the "last minute of the last day" of his tenure.
In his remarks before presenting the bill for assent, the Speaker of the Oyo State House of Assembly, Rt. Hon. Adebo Ogundoyin, described the 2026 Budget as bold and daring.
He commended the timely passage of the bill, attributing it to the synergy between the executive and legislative arms of government.
Ogundoyin assured the Governor that the legislature would exercise effective oversight to ensure every kobo allocated translates into real value for constituents.
Also speaking, the Commissioner for Budget and Economic Planning, Prof. Musibau Babatunde, noted that the budget is centered on transformational projects aimed at turning the state into a global economic reference point.
The ceremony was attended by prominent traditional rulers and dignitaries, including the Olubadan of Ibadanland and former Governor of Oyo State, His Imperial Majesty, Oba Rashidi Ladoja; the Alaafin of Oyo, Oba Akeem Owoade; the Deputy Governor, Barr. Abdulraheem Bayo Lawal; and former Deputy Governors Engr. Hamid Gbadamosi and Barr. Hazeem Gbolarumi.