Oyo State Governor, Seyi Makinde, has signed the N892 billion 2026 Appropriation Bill into law, declaring that the spending plan is deliberately structured to reduce the state’s dependence on federal allocation through increased production and stronger internally generated revenue.
Makinde assented to the bill on Monday at the Executive Chambers of the Governor’s Office, Secretariat, Ibadan, shortly after its passage by the Oyo State House of Assembly.
Speaking after signing the budget into law, the governor said the 2026 appropriation places priority on production rather than consumption as part of a long term strategy to grow the state’s economy sustainably.
He urged all stakeholders to remain committed to disciplined governance and consistent implementation of the budget, noting that effective execution is critical to delivering tangible benefits to residents of the state.
Makinde stated that his administration has adopted a realistic budgeting framework since 2019, a move he said has significantly improved budget performance over the past six years.
According to him, the 2026 budget is designed to stimulate genuine economic growth by expanding productive capacity and boosting internally generated revenue, while reducing overreliance on federal allocations.
He added that a supplementary budget could be presented during the year if surplus funds become available or if major economic projects begin to generate returns.
“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 and we reduced it by about 25 per cent because the implementation rate was around 37 per cent. We decided to cut our coat according to our cloth, and that decision improved budget performance in Oyo State,” Makinde said.
The governor explained that his administration deliberately deemphasised consumption, stressing that productivity remains the foundation for sustainable economic expansion.
“We dare to be different. We want to expand our economy and depend less on federal allocation because that is the only path to sustainable growth,” he added.
Makinde cited the rehabilitation of the Oyo Iseyin Road as a practical example of the administration’s production focused policy. He said the road, though a federal asset, was critical to unlocking the economic potential of the Fasola Farm Estate.
According to him, the state sought and obtained federal approval to fix the road after two years, noting that economic activities have since increased significantly around the Fasola axis.
He further stated that Oyo State would continue to pursue policies based on data, logic and long term economic benefits, even when such decisions appear unconventional.
“We will continue to stand alone if we are sure we are standing in the right place. We are ensuring that we consume according to what we produce, and as we expand what we produce, we can consume more,” he said.
Makinde appealed for collective support in implementing the budget, noting that although he would oversee its execution only until May 29, the consistent implementation culture established by his administration must be sustained.
He assured residents that his government would continue to serve diligently until the last day in office, adding that supplementary provisions could still be made if surplus funds or financial windfalls emerge during the year.
The governor also expressed appreciation to the Oyo State House of Assembly, traditional rulers, labour unions and residents for putting 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 best practices.
Ogundoyin described the budget as bold and impactful, adding that the swift but thorough legislative process reflected strong collaboration between the executive and legislative arms of government.
He commended the governor for achievements in workforce expansion across the public and civil service and assured him of the Assembly’s continued support for policies that promote economic growth, infrastructure development and improved quality of life.
Also speaking, the Commissioner for Budget and Economic Planning, Prof. Musibau Babatunde, said the 2026 budget would focus on productive and transformational projects capable of positioning Oyo State as a global economic destination.
The signing ceremony was attended by dignitaries including the Olubadan of Ibadanland, Oba Rashidi Ladoja; Deputy Governor, Barr. Abdulraheem Bayo Lawal; former deputy governors, Engr. Hamid Gbadamosi and Barr. Hazeem Gbolarumi; and the Alaafin of Oyo, Oba Akeem Owoade.
Others present included former Speaker of the Oyo State House of Assembly, Senator Monsurat Sunmonu; Chairman, House Committee on Finance and Appropriation, Hon. Sunkanmi Babalola; members of the House of Assembly; Chief of Staff to the Governor, Otunba Segun Ogunwuyi; Head of Service, Mrs. Olubunmi Oni; labour leaders, religious leaders and traditional rulers.
