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Oyo State Unveils 2026 Budget Focused on Economic Growth and Global Competitiveness
On Monday, Engr. Seyi Makinde, the Governor of Oyo State, formally submitted the 2026 Appropriation Bill amounting to ₦891.99 billion to the Oyo State House of Assembly for review and ratification.
Strategic Vision Behind the Budget
Dubbed the “Budget of Economic Expansion,” this financial plan reflects a deliberate pivot towards enhancing Oyo State’s integration into the global economy while fostering long-term economic development. Governor Makinde emphasized that the budget is crafted to stimulate sustainable growth and position the state as a competitive player on the international stage.
Allocation Breakdown: Prioritizing Growth Sectors
The proposed budget allocates ₦502.8 billion (approximately 56.7%) to capital expenditures, underscoring a strong commitment to infrastructure and development projects. Recurrent expenses are set at ₦389.1 billion, representing 43.3% of the total budget.
Infrastructure commands the largest portion with ₦210.02 billion, reflecting ongoing efforts to upgrade roads, transportation networks, and public utilities. Education follows closely with ₦155.2 billion (17.4%), aimed at improving educational facilities and access.
Health and Agriculture: Supporting Vital Sectors
The health sector receives ₦70.8 billion (7.94%), targeting enhancements in healthcare delivery and medical infrastructure. Agriculture is allocated ₦19.9 billion (2.24%), focusing on boosting food security and supporting farmers through modern techniques and resources.
Looking Ahead
This budget aligns with recent trends in Nigerian states prioritizing infrastructure and human capital development to drive economic resilience. For instance, Lagos State’s 2026 budget similarly emphasizes capital projects to sustain its economic leadership. Oyo State’s approach reflects a growing recognition that strategic investment today lays the foundation for tomorrow’s prosperity.
Further updates and detailed sectoral plans will be shared as the legislative process unfolds.
