The legislative body of Oyo State has granted approval for Governor Seyi Makinde's proposal to redirect funds amounting to 330 billion naira and additional financial allocations.
The endorsement facilitates faster implementation of major infrastructure initiatives and other top-priority governmental programs throughout the state.
The additional financial plan was submitted by Governor Makinde to the House and presented in full session on Wednesday by the Speaker, Right Honourable Adebo Ogundoyin.
The 2026 State Supplementary and Reallocation Funding Act, along with the 2026 Oyo State Additional Financial Measures Bill, passed their initial and secondary reviews prior to being sent to the House Committee responsible for Finance, Budgeting, and State Economic Development for thorough examination.
In his message to the House, Governor Makinde stated that the demand arose after multiple Ministries, Departments, and Agencies (MDAs) submitted proposals for extra financial support to ensure the prompt execution and conclusion of current key initiatives throughout the state.
As stated by the Governor, the proposal received approval from the State Executive Council following an evaluation of suggestions from the Ministry of Budget and Economic Planning, which assessed the financial requirements of the impacted MDAs according to the administration's Roadmap for Sustainable Development (2023–2027).
The governor mentioned that the extra spending will mainly be used to finish key infrastructure initiatives, such as the Circular Road, Ido-Eruwa Road, Airport-Ajia-New Ife Expressway, Saki-Igboho Road, and the Apete-Awotan-Akufo Junction Road development, along with the current renovation and improvement of Ladoke Akintola International Airport.
The suggestion also includes financial support for continuous building projects at the Government House, charges under the Consolidated Revenue Fund (CRFC), payment of public debts, repayment of loans, distribution of retirement benefits, and arrangements for the upcoming Local Government elections anticipated to start in the third quarter of 2026.
The Governor also revealed that appeals for extra financial support came from the Ministry of Public Works and Transport, Oyo State Investment and Public-Private Partnership Agency (OYSIPPPA), Ministry of Finance, Office of the Executive Governor, Oyo State Independent Electoral Commission (OYSIEC), Ministry of Establishments and Training, Oyo State Road Maintenance Management Agency (OYSROMMA), and the Office of the Chief Secretary.
A detailed analysis of the proposal revealed that the overall extra spending totals N330 billion, including N35.5 billion for operational costs, which accounts for 10.76 percent, and N294.5 billion for capital expenses, making up 89.24 percent of the entire proposal.
The suggestion also stated that N120 billion would come from reallocating current capital funds from government agencies that have unused budget balances, whereas the rest of N210 billion would serve as an additional budget to be included in the State's 2026 Budget Act.
Subject to the approval of the Assembly, the 2026 budget for Oyo State has risen from N892.09 billion to N1.102 trillion, marking an increase of N210 billion within the state's financial plan for this year.
Governor Makinde has called on legislators to quickly review and endorse the proposal, stating his belief that the financial modifications will ensure continuous implementation of current development initiatives, enhance performance in key areas, and maintain the government's efforts in building infrastructure.
Supplied by SyndiGate Media Inc. ( Syndigate.info ).