Governor Seyi Makinde of Oyo State on Monday presented the 2026 Appropriation Bill to the state House of Assembly for consideration and approval.

The budget proposal, tagged Budget of Economic Expansion, has an estimated outlay of N891,985,074,480.79 (Eight Hundred and Ninety-One Billion, Nine Hundred and Eighty-Five Million, Seventy-Four Thousand, Four Hundred and Eighty Naira, Seventy-Nine Kobo).

Presenting the proposal at the Assembly Chambers, Agodi Secretariat, Ibadan, Makinde said the 2026 budget is designed to further accelerate the state’s economic growth, noting that several flagship projects and ongoing investments have positioned Oyo State for global market integration.

He stated that capital expenditure stands at N502.8 billion, representing 56.7 per cent, while recurrent expenditure is pegged at N389.1 billion, representing 43.3 per cent.

According to the governor, infrastructure will receive N210.02 billion (23.55 per cent), while the education sector gets N155.2 billion (17.40 per cent), surpassing the UNESCO benchmark. The health sector is allocated N70.8 billion (7.94 per cent), and agriculture receives N19.9 billion (2.24 per cent).

On revenue expectations, Makinde said the state’s Internally Generated Revenue (IGR) has grown without any increase in tax burden, attributing the efficiency to reforms implemented under the 2025 Budget of Economic Stabilisation.

He said: “Mr Speaker, Honourable members, today I present the penultimate budget proposal of our administration: the ‘Budget of Economic Expansion.’

“Under our 2025 Budget of Economic Stabilisation, we consolidated on economic gains from previous years. For 2026, it is logical that we advance the growth of our economy.

“Our flagship projects and ongoing investments now position Oyo State for a production-led economy.

The Africa Continental Free Trade Area initiative will open integrated continental markets to local producers.

“The Oluyole Free Trade Zone will attract manufacturing and export-oriented industries. Our Special Agro-Processing Zones will transform raw produce into higher-value products.

“The dry port and logistics hub are strengthening Oyo’s competitiveness in trade, while the upgrading of the Samuel Ladoke Akintola Airport to international standards is positioning the state as a regional logistics and investment hub.”

He noted that the 110-kilometre Rashidi Ladoja Circular Road would enhance regional connectivity and catalyse economic activity across transport and commercial hubs.

Makinde also highlighted ongoing infrastructure completed in 2025, including the Ibadan Central Bus Termini 1 and 2 at Iwo Road and New Ife Road, and the completion of Phase 1 of the Ibadan Airport upgrade, which now enables the state to receive wide-bodied aircraft.

He added that the administration has maintained its salary payment promise and sustained social services without introducing new taxes.

The governor said the 2026 budget builds on the successes of previous years to drive productivity and inclusive growth.

Makinde also noted that Oyo State will celebrate its 50th anniversary in February 2026, adding that the milestone would serve as a platform to showcase the creativity and heritage of the state.

In his remarks, Speaker of the House, Rt. Hon. Adebo Ogundoyin, commended Makinde for his leadership and the achievements recorded under the 2025 budget.

He said the allocation distribution reflects a commitment to strategic priorities and long-term sustainability in line with the Medium-Term Expenditure Framework (MTEF 2026–2028).

Ogundoyin pledged the Assembly’s continued cooperation with the Executive to ensure effective implementation of policies and accountability in project delivery.

The event was attended by Deputy Governor Bayo Lawal; former Deputy Governors Taofeek Arapaja, Hamid Gbadamosi, and Hazeem Gbolarumi; former Speaker Senator Monsurat Sunmonu; Chief Judge Justice Iyabo Yerima; Secretary to the State Government, Professor Olanike Adeyemo; Chief of Staff Segun Ogunwuyi; members of the Elders’ Council; commissioners; local government chairmen; traditional rulers; labour leaders; party chieftains; and other top government officials.