Oyo State governor, ‘Seyi Makinde, has declared that the stateโs 2026 Budget has deemphasised consumption and is focused on increasing production, as that remains the best way to expand the economy of the state.
The governor stated this on Monday, 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.
The governor, who made this call at the budget signing ceremony held at the Executive Chambers of the Governor’s Office, Secretariat, Ibadan, stated 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.
He said: โThis 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.
โThis 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.
โFor 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.
โIn 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.
โIt 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.
โPeople may say we are standing alone. Yes, we will continue to stand alone if we are sure we are standing in the right place. Thatโs why we are Oyo people. The history behind us is that we will do our own thing.
โThatโs 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.
โFinally, I am on my way out and I have one more budget to present but I wonโt 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.
โI 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.
โIf 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.
โWe may still get to the N1trn mark but we wonโt get there magically. We will get there through data and logic.โ
Governor Makinde also used the occasion to appreciate stakeholders in the state, including the Oyo State House of Assembly, traditional rulers, labour unions and residents for their support over the years, stating that everyone has always put the interest of the state above other considerations.
โI will like to thank the House of Assembly. We have all worked very hard to move the state forward.
โLet me also appreciate our traditional rulers. We couldnโt have known what you need in various zones. We can sit down at the Secretariat claiming to know some things but when we hear directly from you and you participate, it is a totally different outcome. So, we appreciate you.
โI also want to thank everyone who has supported this administration including the labour unions. It has been a peaceful relationship between us. Thank you for letting the world know that, here, it is our state first but not about political party.โ
Speaking before presenting the 2026 Appropriation Bill to the Governor for assent, the Speaker, Oyo State House of Assembly, Rt Hon. Adebo Ogundoyin, said the House of Assembly ensured the timely passage of the bill in line with financial global practices.
He noted that the lawmakers ensured that the 2026 Budget, which he described as bold and daring, will directly impact on the quality of life for the people, adding that the swift but conscientious passage is a testament to the synergy between the executive and legislative arms of government.
He commended Governor Makinde for his unprecedented achievements in terms of recruitment of more workers both in the public and civil service, assuring him of the lawmakers’ support for policies and programmes that drive economic growth, improve infrastructure, and enhance the overall quality of life of the citizens.
He further assured that the legislative arm would continue to perform its oversight duties effectively to ensure that the budget is fully implemented, and that every kobo allocated translates into real value for their constituents.
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; former deputy governors of Oyo State, Engr Hamid Gbadamosi and Barr. Hazeem Gbolarumi; former Speaker, Oyo State House of Assembly, Senator Monsurat Sunmonu; Chairman, House Committee on Finance and Appropriation, Hon Sunkanmi Babalola and members of the Oyo State House of Assembly.
Other top government functionaries in attendance include the Chief of Staff to the Governor, Otunba Segun Ogunwuyi; Head of Service, Mrs Olubunmi Oni, mni; labour union leaders, religious leaders and traditional rulers, among other dignitaries.
