By Oluwaseyi Oduneye-Ogunwomoju
Ibadan, Dec. 17, 2026 (NAN) — The Oyo State House of Assembly on Wednesday approved N892 billion as the state’s 2026 Appropriation Bill.
The lawmakers, after hours of deliberation and consideration, approved the budget at a sitting presided over by the Speaker, Mr. Adebo Ogundoyin.
Addressing journalists after the passage, Mr. Olasunkanmi Babalola, Chairman of the House Committee on Finance, Appropriation and State Economic Planning, described the exercise as a historic moment for the state legislature.
Babalola, the Deputy Leader of the House representing Egbeda constituency, said the budget underwent a detailed review across all Ministries, Departments and Agencies (MDAs).
He noted that key adjustments were made to strengthen spending on infrastructure, including the transfer of N2 billion from overhead costs to capital expenditure.
“The total size of the 2026 budget is about N892 billion. We carefully examined the allocations and moved funds from overheads to capital expenditure. Overhead was reduced from N389 billion to N387 billion, and the N2 billion difference was added to capital expenditure for infrastructure development,” he said.
The lawmaker added that capital expenditure now stands at close to N505 billion, representing a significant portion of the total budget and reflecting the House’s commitment to prioritizing development over recurrent spending.
“This clearly shows that the state is investing more in capital projects rather than consuming resources on overheads. The implication for citizens is simple: the people of Oyo State will continue to enjoy the dividends of democracy under this administration,” Babalola said.
He assured residents that the House would intensify oversight to ensure strict compliance and value for money across all MDAs.
Babalola explained that passing the budget before the year-end was deliberate:
“It has become our culture to pass the budget before the year runs out. The motivation is to allow the state to begin implementation from the first day of the new year without delays.”
The News Agency of Nigeria (NAN) reports that Governor Seyi Makinde had presented a budget of N891.9 billion on Nov. 24, tagged the “Budget of Economic Expansion.”
Sub Zero ✔
Godwin Okafor is the Publisher & CEO of Naija247news Media Group LLC, an independent investigative news platform delivering accurate, data-driven reporting on Nigerian and global politics, economy, finance, and business. Founded in October 2010, Naija247news specializes in developmental journalism, providing timely insights and analysis to readers across Nigeria and the diaspora.
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