Osun Assembly passes ₦723.5bn 2026 budget of economic transformation

The Osun State House of Assembly on Wednesday passed the 2026 Appropriation Bill, pegged at ₦723,454,988,670.00, following thorough deliberations and legislative scrutiny, marking a significant milestone in the state’s fiscal planning for the coming year.

Titled the “Budget of Economic Transformation,” the bill was considered in detail by the House Committee on Finance and Appropriation, with inputs from relevant Ministries, Departments, and Agencies (MDAs) incorporated into the final draft. Lawmakers engaged in extensive debates to ensure the budget aligns with the developmental priorities and socio-economic needs of the people of Osun State.

The 2026 budget, presented to the House on November 12 by Governor Senator Ademola Jackson Nurudeen Adeleke, is designed to promote sustainable development, improve infrastructure, enhance social services, and strengthen key sectors including education, healthcare, agriculture, and economic empowerment. Fiscal responsibility, transparency, and prudent management of public resources are central to the proposals.

Revenue estimates for the budget include an opening balance of ₦16,192,300,490.00, recurrent revenue of ₦421,253,229,320.00, and capital receipts of ₦286,009,458,860.00, bringing total inflow to ₦723,454,988,670.00.

On the expenditure side, ₦135,005,722,430.00 is allocated for personnel costs, while ₦185,768,933,880.00 is set aside for other recurrent expenditures, totaling ₦320,774,356,310.00. Capital expenditure is projected at ₦402,680,332,360.00, bringing total outflow in line with projected revenue.

Following the passage of the bill, the Speaker of the House commended members for their dedication and cooperation throughout the budget process. He reaffirmed the Assembly’s commitment to safeguarding citizens’ interests and exercising effective oversight to ensure proper implementation of the budget.

The House also urged the Executive to ensure timely and efficient execution of the approved estimates in accordance with the law, to drive growth and development across the state.

The 2026 Appropriation Bill will now be transmitted to Governor Adeleke for assent.