Oyo State Governor, Seyi Makinde, on Monday signed the state’s N892 billion 2026 Appropriation Bill into law, reaffirming his administration’s commitment to a production-driven economy and sustainable growth.
Speaking after the signing ceremony at the Executive Chambers of the Governor’s Office, Secretariat, Ibadan, Makinde said the 2026 budget deemphasizes consumption and prioritizes increased production as the surest path to economic expansion and reduced dependence on federal allocations.
The governor urged all stakeholders to work consistently within established frameworks to ensure full implementation of the budget for the benefit of residents, noting that his administration has sustained a realistic budgeting process and achieved improved budget performance over the past six years.
According to him, the 2026 budget is designed to stimulate genuine growth and strengthen the state’s fiscal independence.
He, however, noted that a supplementary budget could be presented later in the year if there is a financial surplus or if ongoing economic projects begin to yield significant returns.
Makinde described the 2026 budget as the last full-year budget of his administration, recalling that upon assuming office in 2019, his government reduced the inherited budget by about 25 per cent due to poor implementation levels of around 37 per cent at the time.
He said the adjustment laid the foundation for improved budget performance in the state.
He explained that the administration’s emphasis on production informed key interventions such as the rehabilitation of the Oyo–Iseyin Road to support activities at the Fasola Farm Estate, describing the project as critical to the state’s economy.
The governor assured residents that his administration would continue to serve diligently until the end of its tenure and called for collective support to sustain the consistent budget implementation pattern developed over the years.
He also pledged to return to the House of Assembly with a supplementary budget if circumstances permit, stressing that any move towards a N1 trillion budget would be guided by data and sound logic.
Makinde expressed appreciation to the Oyo State House of Assembly, traditional rulers, labour unions, and residents for their sustained support, noting that their cooperation has helped place the interest of the state above partisan considerations.
Earlier, the Speaker of the Oyo State House of Assembly, Rt. Hon. Adebo Ogundoyin said the legislature ensured the timely passage of the 2026 Appropriation Bill in line with global financial practices.
He described the budget as bold and impactful, commending the synergy between the executive and legislative arms of government.
Ogundoyin praised the governor’s achievements, particularly in workforce recruitment across the public and civil service, and assured continued legislative support and effective oversight to ensure full implementation of the budget.
Also speaking, the Commissioner for Budget and Economic Planning, Prof. Musibau Babatunde, said the 2026 budget focuses on productive and transformational projects aimed at positioning Oyo State as a global economic landmark.
The ceremony was attended by dignitaries, including former Oyo State Governor and Olubadan of Ibadanland, Oba Rashidi Ladoja; Deputy Governor, Barr. Abdulraheem Bayo Lawal, former deputy governor, Engr. Hamid Gbadamosi and Barr. Hazeem Gbolarumi, the Alaafin of Oyo, Oba Akeem Owoade, among others.
(Channels Tv)
