Being the Speech by His Excellency Seyi Makinde, FNSE, the Executive Governor of Oyo State During the Presentation of the Oyo State 2026 Appropriation Bill to the Oyo State House of Assembly on Monday, 24 November 2025
Mr Speaker Sir, Honourable Members of the Oyo State House of Assembly, today I stand before you to present the penultimate budget proposal by our administration which we have tagged the Budget of Economic Expansion.
This new phase builds directly on the foundation laid in our 2025 Budget of Economic Stabilisation, where we consolidated the gains of previous years.
And so, for 2026, it is only logical that we press on to further growth of the Oyo State economy.
Mr Speaker Sir, to appreciate where this next stage will take us, let us consider the investments already positioning our State for a production-led economy:
- Upgrading of the Samuel Ladoke Akintola Airport to International Standard, positioning the State as a regional logistics and investment hub.
- The 110 km Rashidi Ladoja Circular Road and its Development Corridor, strengthening regional connectivity and catalysing economic growth by linking key transport and commercial hubs.
- Special Agro-Industrial Processing Zones (SAPZ), which will transform primary agricultural produce into higher-value products and boost agro-industrialisation.
- African Continental Free Trade Area (AfCFTA) initiatives, which will enable local producers to access the continent’s integrated markets.
- Oluyole Free Trade Zone, designed to attract manufacturing, assembly plants, and export-oriented industries.
- Dry Port and Logistics Hubs, strengthening Oyo’s competitiveness in trade and enhancing supply chain efficiency.
These initiatives have set the tone for the productive transformation we now seek to deepen through this budget.
Mr Speaker Sir, Honourable Members of the House, less than two weeks ago, we commissioned the now-completed Ibadan Central Bus Terminals 1 and 2 at Iwo Road and New Ife Road. Ibadan can now boast of four modern bus terminals, supported by a state-backed transport system. These buses, subsidised since 2023, have made mobility easier for workers, traders, and students.
In September, we also completed Phase 1 of the Samuel Ladoke Akintola Airport upgrade project. Today, Oyo State can receive wide-bodied aircraft — an achievement that opens our economy to global logistics, tourism, and investment opportunities.
Each of these achievements connects to our broader vision of an integrated, investment-ready economy.
We have welcomed new investors, and we have broken ground at the Oyo State Agribusiness Industrial Hub Ijaiye, building on the success of the Fasola model.
Beyond infrastructure, our fiscal discipline underpins these accomplishments. We improved internally generated revenue through automation and efficiency, without overburdening citizens with new taxes. Businesses thrived, workers were paid promptly, and social services continued without disruption.
These achievements were made possible by the 2025 budget. Our prorated performance from January to September 2025 shows total revenue performance at 74.2% and total expenditure performance at 66.1%. This has stabilised our economy, created jobs, and expanded our base for sustainable growth.
Having stabilised our economy and restored growth momentum, we are now ready to scale.
Mr Speaker Sir, Honourable Members of the House, we stand at the threshold of a new chapter. It is my honour to present before you the 2026 Budget of Economic Expansion, totalling eight hundred and ninety-one billion, nine hundred and eighty-five million, seventy-four thousand, four hundred- and eighty-naira, seventy-nine kobo (₦891,985,074,480.79).
Five hundred and two billion, eight hundred and forty-six million, four hundred and seventy-seven thousand, eight hundred- and twelve-naira, eighty-five kobo (₦502,846,477,812.85) is dedicated to capital expenditure
while three hundred and eighty-nine billion, one hundred and thirty-eight million, five hundred and ninety-six thousand, six hundred- and sixty-seven-naira, ninety-four kobo (₦389,138,596,667.94) will go to recurrent expenditure.
Mr Speaker Sir, Honourable Members, this is another milestone budget. We are edging closer to the ideal 60/40 ratio between capital and recurrent expenditure. In this budget, capital expenditure stands at 56.37%, while recurrent expenditure is 43.63%.
We will continue to prioritise sectors that directly expand our economy. Allow me, therefore, to highlight how this budget reflects our continuing priorities:
Infrastructure gets the highest allocation in keeping with our focus to spend more on capital expenditure. A total of two hundred and ten billion, twenty-five million, four hundred and forty-three thousand, eight hundred- and two-naira, sixteen kobo (₦210,025,443,802.16) is allocated to infrastructure projects. This represents 23.55% of the total budget.
As I said a few months ago, our administration is focused on completing already awarded and ongoing projects to ensure that we do not leave projects unfinished at the end of the tenure.
I promised during my State of the State Address in June this year that we would commence the rehabilitation of feeder roads in other zones of our State starting with the Ogbomoso Zone. I can report that the project for Ogbomoso Zone is at the due process stage and should get to the Executive Council for approval within the next two weeks.
Education is next with a total of one hundred and fifty-five billion, two hundred and nine million, six hundred and seventeen thousand, three hundred- and seventeen-naira, twenty kobo (₦155,209,617,317.20) allocated to this important sector. As usual, we have ensured that the education sector was allocated 17.40% of the total budget in keeping with our goal of meeting the UNESCO recommended 15-20%. You will recall that at the beginning of the year, about 12,000 teachers resumed in our public primary and secondary schools to address the manpower deficit in that sector. This budget ensures that we can continue to cover the recurrent expenditure while at the same time, it funds our plan to upgrade more education infrastructure across the State.
Healthcare gets a total of seventy billion, eight hundred and forty-nine million, one hundred and sixty-three thousand, five hundred and fifty-eight-naira, seven kobo (₦70,849,163,558.07). This represents 7.94% of the total budget. This past year, we have successfully completed 100 out of 106 primary healthcare centres being upgraded across the State with the remaining six set to be completed by the end of this year. We plan to turn our attention to or secondary healthcare facilities to ensure that at least one in each zone is upgraded before the end of our tenure.
Agriculture has been allocated nineteen billion, nine hundred and eighty-seven million, two hundred and ten thousand, three hundred- and twenty-four-naira, sixteen kobo (₦19,987,210,324.16). While this represents 2.24% of the total budget, it is not the full picture for the agriculture sector. Many of the infrastructure projects that drive the sector are captured under Infrastructure. Additionally, we have various public-private and development partnership projects which are ongoing across the State such as the Rural Access and Agricultural Marketing Project (RAAMP), the Livestock Productivity and Resilience Support Project (L-PRES) and SAPZ which I mentioned earlier.
Mr Speaker Sir, Honourable Members, Economic Expansion means converting stability into opportunity — linking infrastructure, human capital, and innovation.
Our flagship projects are not isolated investments. They form an interconnected system designed to make Oyo State the business and logistics capital of the South West.
We are not just building infrastructure; we are creating opportunities that will serve as a fulcrum for innovation and a modern, first-world economy.
All these efforts are part of a larger story. A story that looks back to our history with pride and looks forward to our future with purpose.
Next year, we celebrate Oyo State at 50 — our Golden Jubilee of Vision.
Our theme will be Renewal — a celebration of where we have come from, and a recommitment to where we are going.
As we prepare to celebrate, let us remember that our greatest asset is not our roads, terminals, or factories — it is our people. The creativity of our youths, the diligence of our workers, and the resilience of our farmers are the engines of this expansion. Together, we are writing a story that future generations will be proud to inherit.
As we expand and renew, we also remain mindful of those directly affected by development. Let me take this opportunity to again speak to our fathers and mothers, brothers and sisters affected by the Rashidi Ladoja Circular Road development. We acknowledge that progress must be people-centred. And we remain committed to ensuring that development remains fair, humane and inclusive.
We will honour our promise to visit, to listen, and to explore all possibilities — including resettlement — in addition to adequate compensation. The Circular Road is not just about connectivity; it is about equity, growth, and shared prosperity.
This is why we start now to prepare for the transition in 2027. Our focus will shift towards institutional legacy — ensuring that governance is system-based, not personality-based.
We will continue to strengthen our civil service, digitise government processes, and entrench transparency as the standard for leadership.
Our legacy will not be measured by buildings alone, but by the values that sustain progress long after we are gone.
Our work is far from over, but our direction is clear.
And so, to the resilient people of Oyo State — I say thank you.
Even in hardship, your faith and patience have kept us moving forward.
This is your government, and this next phase — Economic Expansion — is for you.
We have not failed you in over six years; we will not fail you now.
Together, we will continue to grow, innovate, and prosper.
God bless Oyo State.
God bless the Federal Republic of Nigeria.
God bless you all.
Seyi Makinde
24 November 2025