Table of Contents
Oyo State Approves ₦892 Billion Budget for 2026 with Strategic Fund Reallocation
The Oyo State House of Assembly has officially enacted the 2026 Appropriation Bill, sanctioning a comprehensive budget totaling ₦892,085,074,480.79. This milestone follows a detailed review and endorsement by the House Committee on Finance, Appropriation, and State Economic Planning.
Emphasis on Fiscal Prudence and Infrastructure Growth
Honorable Olasunkanmi Babalola, who serves as the Deputy Leader of the House and chairs the Finance Committee, hailed the budget approval as a landmark achievement. He underscored the Assembly’s dedication to maintaining fiscal discipline while prioritizing infrastructure enhancement and efficient governance.
“Our approach involved a meticulous evaluation across all ministries, departments, and agencies, enabling us to identify opportunities for optimizing resource allocation. This led to a deliberate transfer of ₦2 billion from overhead costs to capital projects,” Hon. Babalola explained.
Rebalancing the Budget: From Overhead to Development
This strategic adjustment reduced the overhead expenditure from ₦389 billion to ₦387 billion, simultaneously boosting capital expenditure to over ₦504 billion. The shift reflects a clear commitment to funding long-term development initiatives and enhancing the state’s infrastructure landscape.
Ensuring Accountability and Community Impact
Hon. Babalola reassured residents that the 2026 budget aligns with the aspirations of Oyo State’s populace and is designed to deliver tangible benefits. “As elected representatives, we are resolute in translating this budget into meaningful progress across all constituencies. Our House committees will conduct rigorous oversight of all ministries, departments, and agencies to guarantee transparency and responsible spending,” he stated.
Timely Budget Passage to Facilitate Early Implementation
The Deputy Leader highlighted that passing the budget before the year’s end has become a standard practice in Oyo State, aimed at enabling the government to commence operations promptly from January 1. “Given that the national fiscal year runs from January through December, any delay beyond January hampers effective execution. Our objective is to have a budget that is operational from day one,” he added.
Addressing Environmental Concerns Through Budgetary Support
Responding to Governor Seyi Makinde’s recent remarks on the challenges of indiscriminate waste disposal, Hon. Babalola confirmed that the Ministry of Environment and Natural Resources is a significant beneficiary in the 2026 budget. “Via the Environment Committee, we will prioritize sustainable waste management and environmental protection initiatives. Our mandate is to ensure the budget is transparent and responsive to the needs of our citizens,” he affirmed.
Looking Ahead: A Budget for Sustainable Progress
With this budget, Oyo State is poised to enhance its infrastructural framework, promote environmental sustainability, and uphold fiscal responsibility. The Assembly’s proactive stance sets a precedent for effective governance and community-focused development in the coming year.
