Gov Makinde Signs N892b 2026 Budget Into Law.
Governor Seyi Makinde of Oyo State on Monday signed into law the 2026 Appropriation Bill, saying that the state’s 2026 Budget has de-emphasised consumption and is focused on increasing production remains the best way to expand the economy of the state.
The governor shortly after signing the 2026 Appropriation Bill into Law, calling on all stakeholders in the state to work consistently in line with the laid down patterns so as to achieve the full implementation of the 2026 Budget for the benefit of Oyo State residents.
Makinde who made this call at the budget signing ceremony held at the Executive Chambers of the Governor’s Office, Secretariat, Ibadan, said that his administration has maintained a realistic budgetary process and has achieved improved budget performance over the last six years.
He noted that the aim of the N892 billion 2026 Budget is to engender genuine growth by ensuring lesser dependence on federal allocations, saying, however, 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 fruits.
His words, “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 what was 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.
“In our effort to focus more on production rather than consumption, we approached the Federal Government around 2021 to get the approval to fix the Oyo-Iseyin Road, because we have the Fasola Farm Estate around the axis but it is a federal road.
“It took the Federal Government two years to give us approval to fix the road. But the Fasola Farm Estate is extremely important to the Oyo State economy. We have since have fixed the road and we have seen the activities springing up there. So, we dare to be different in Oyo State.
“People may say we are standing alone. Yes, we will continue to stand alone if we are sure we are standing in the right place. That’s why we are Oyo people. The history behind us is that we will do our own thing.
“That’s exactly what we have done with the budget. We are ensuring that we can consume according to what we can produce. But when we expand what we can produce,
we can consume more on that basis.
“Finally, I am on my way out and I have one more budget to present but I won’t be the one to implement the budget to the end. I will implement it till May 29th. So, what I am asking for is for us to work together so that the implementation of this budget will follow the consistent pattern we have developed over these past six plus years so that Oyo State people can get the full benefits of this.”
“I promise the people of Oyo State that we will serve them till the last minute of the last day. This is one of the critical areas we can maintain the service to the people.
“If peradventure, we get into the middle of the year and we have some surplus, some windfall or some of the engagement that we are having, if it should yield something better, we will come back to the House of Assembly to present a supplementary budget.
“We may still get to the N1trn mark but we won’t get there magically. We will get there through data and logic.”
Earlier in his remarks, the Commissioner for Budget and Economic Planning, Prof Musibau Babatunde, said the 2026 budget would centre on productive and transformational projects that will transform the state into a global economic landmark.
The event had in attendance a former Governor of Oyo State and the Olubadan of Ibadanland, His Imperial Majesty, Oba Rashidi Ladoja; Deputy Governor of Oyo State, Barr. Abdulraheem Bayo Lawal and other top government functionaries including union leaders, religious leaders and traditional rulers, among other dignitaries.
Abiodun Ogunrinde is a Linguist and Journalist with considerable years of experience in Print Journalism. He blends creativity with a sense of reporting that addresses public concern and human interests.
