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 at the sitting presided over by the Speaker, Adebo Ogundoyin.
Addressing journalists shortly after the passage, Olasunkanmi Babalola, chairman, House committee on finance, appropriation and state economic planning, described the exercise as a historic moment for the state legislature.
Mr Babalola, the deputy leader of the House, representing Egbeda constituency, said the budget was subjected to a detailed review across all ministries, departments and agencies (MDAs).
He said that the assembly effected key adjustments aimed at strengthening 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 N 389 billion to N 387 billion, and the N2 billion difference was added to capital expenditure for infrastructure development,” he said.
He said that capital expenditure now stands close to N505 billion, representing a significant portion of the total budget and reflecting the house’s resolve to prioritise 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,” Mr Babalola added.
The lawmaker assured residents that the house would intensify oversight functions to ensure strict compliance and value for money across all MDAs.
He explained that the assembly’s decision to pass the budget before the end of the year 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,” he said.
Governor Seyi Makinde had on November 24, presented a budget of N891.9 billion, tagged the “Budget of Economic Expansion”.
(NAN)