Oyo 2026 Budget Deemphasised Consumption, Focuses On Production — Makinde

Oyo State Governor, Seyi Makinde, has declared that the state’s 2026 budget has deemphasised consumption and focused on increasing production, as that remains the best way to expand the state’s economy.

The governor stated this shortly after signing the 2026 Appropriation Bill into Law on Monday, calling on all stakeholders in the state to work consistently in line with the laid-down patterns to achieve the full implementation of the budget for the benefit of Oyo State residents.

Makinde stated that his administration had maintained a realistic budgetary process and had achieved improved budget performance over the last six years.

He noted that the aim of the N892 billion budget was 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 fruit.

“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 the percentage of implementation was, 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 strive to be productive. We want to expand our economy and reduce our dependence on federal allocations, 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 significant to the Oyo State economy. We have since 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 precisely what we have done with the budget. We are ensuring that we can consume according to what we can produce. However, when we expand our production capabilities, 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,” Makinde assured.

He promised 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.”

Makinde appreciated the 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.

“I would like to thank the House of Assembly. We have all worked very hard to move the state forward. I would also like to appreciate our traditional rulers. We couldn’t have known what you needed 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.”

Speaking earlier, the Speaker of the Oyo State House of Assembly, Adebo Ogundoyin, said the House ensured the timely passage of the bill in line with global financial practices.

He noted that the lawmakers ensured the 2026 budget, which he described as bold and daring, would directly impact 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.

Ogundoyin further assured that the legislative arm would continue to perform its oversight duties effectively to ensure that the budget was fully implemented and that every kobo allocated translates into real value for their constituents.

Earlier, 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.