Makinde submits N1.1trn final budget, N670bn for capital projects

Oyo State Governor, Seyi Makinde, on Tuesday presented a proposed budget of N1.12 trillion for the 2027 fiscal year. The capital expenditure makes up 60.07 percent of the total budget.

The proposal, named the “Budget of Sustained Progress”, sets aside N670.03 billion for capital projects. The recurrent expenditure is N445.31 billion, which is 39.93 percent of the budget.

While presenting the budget to the Oyo State House of Assembly in Ibadan, Mr. Makinde said the spending plan was based on discussions with residents and leaders from the state’s seven geopolitical zones.

“We heard their priorities, their concerns, and their expectations. The budget before you reflects those conversations and our responsibility to plan for the continued development of our states,” Mr. Makinde said.

The governor added, “Approximately 60 naira out of every 100 naira proposed in this budget is directed towards capital investment.” The rest will support personnel and resources needed for public services.

The proposed budget shows that infrastructure received the highest allocation of N236.15 billion, which is 21.17 percent of the total budget. Education got 17.08 percent, amounting to N190.53 billion, while healthcare received N93.01 billion, making up 8.34 percent of the total budget.

The energy and mineral resources sector got N69.37 billion, which is 6.22 percent, while agriculture received the smallest share of 2.14 percent or N23.85 billion.

The 2027 proposed budget is about 25 percent higher than the N891.99 billion budget for 2026, which was called the “Budget of Economic Expansion.” In September, the Oyo State House of Assembly approved an extra N210 billion supplementary budget, bringing the total for 2026 to N1.102 trillion.

When compared with the revised 2026 budget, the proposed N1.115 trillion for 2027 shows an increase of about 1.2 percent. Capital expenditure rose from N502.85 billion in the 2026 proposal to N670.03 billion in the new budget, an increase of about 33.2 percent. Recurrent expenditure also increased from N389.14 billion to N445.31 billion, which is about 14.4 percent.

While infrastructure still holds the largest allocation, its share of the total budget decreased from 23.55 percent in 2026 to 21.17 percent in the 2027 proposal. The education allocation rose from N155.21 billion to N190.53 billion. Healthcare spending also grew from N70.85 billion to N93.01 billion in the 2027 proposed budget.

This budget is the final annual budget proposal from Mr. Makinde’s administration, which will end on 29 May 2027 after two terms. The governor, who is running for the upcoming 2027 presidential election under the Allied Peoples Movement (APM), said his government will only implement part of the budget before handing it over.

“As I said, this will be our final budget presentation, but the budget itself covers a full year. So, the administration will implement part of it before handing it over on 29 May 2027. The rest will be the responsibility of the next administration,” he said.

He emphasized the importance of leaving clear records and institutions that can continue providing public services. Mr. Makinde urged lawmakers to ensure that any changes they make to the proposed budget reflect the interests of the residents.

“You are the authority to approve this budget, and you must know that this came from the people. So, if you are removing or adding, have in mind that the destinies of our people are involved,” he said.

The governor also encouraged residents to think about continuity in the 2027 elections. He argued that the next government will decide whether to continue the projects and reforms his administration started. He said his government will keep working until its last day in office, hoping that residents will see completed projects and improved public institutions after the transition.