The Oyo State House of Assembly has approved a total of ₦892 billion as the state’s 2026 Budget, following extensive deliberations by lawmakers.
The approval was granted on Wednesday during plenary presided over by the Speaker, Mr Adebo Ogundoyin.
Speaking with journalists after the passage, the Chairman of the House Committee on Finance, Appropriation and State Economic Planning, Mr Olasunkanmi Babalola, described the exercise as a landmark achievement for the legislature.
Babalola, who also serves as the Deputy Leader of the House and represents Egbeda constituency, said the Budget underwent a rigorous review process across all Ministries, Departments and Agencies (MDAs).
He disclosed that lawmakers made strategic adjustments to prioritise infrastructure development, including the transfer of ₦2 billion from overhead costs to capital expenditure.
“The total size of the 2026 Budget is ₦892 billion. We carefully reviewed the allocations and shifted funds from overheads to capital expenditure to strengthen infrastructure delivery.
“Overhead was reduced from ₦389 billion to ₦387 billion, while the ₦2 billion difference was added to capital expenditure,” he said.
According to him, capital expenditure now stands at nearly ₦505 billion, accounting for a substantial portion of the total Budget and underscoring the Assembly’s commitment to development-focused spending.
“This shows clearly that the state is investing more in capital projects rather than consuming resources on recurrent costs.
“The people of Oyo State will continue to enjoy the dividends of democracy under this administration,” Babalola added.
He assured residents that the House would strengthen its oversight responsibilities to ensure accountability, compliance and value for money across all MDAs.
Babalola explained that passing the Budget before the end of the year was a deliberate legislative strategy.
“It has become our tradition to pass the Budget before the year ends, so that implementation can commence from the first day of the new year without delay,” he said.
Gov. Seyi Makinde had presented the ₦891.9 billion 2026 Budget, tagged “Budget of Economic Expansion,” to the House on November 24.
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