Oyo State Governor, Seyi Makinde, has provided an overview of the state’s financial position and major infrastructure projects, stating that Oyo currently receives about N20 billion monthly from the Federation Account Allocation Committee (FAAC) and generates N8 billion monthly in internally generated revenue (IGR).
According to him, during a media chat, this amounts to N240 billion annually from FAAC and N96 billion annually from IGR, putting the state’s total annual revenue at about N336 billion, excluding earnings from investments and other sources.
Makinde said his administration has deliberately reduced dependence on federal allocations, stressing that the government is prioritising economic expansion rather than “going to Abuja monthly cap-in-hand”.
On budget performance, the governor disclosed that Oyo State’s budget performance currently stands at around 75 per cent.
He added that no new taxes have been introduced in the last six years, noting instead that the government has focused on expanding the tax net to support what he described as a “productive economy rather than a consumptive one.”
Speaking on infrastructure, Makinde said his government would only embark on road projects with clear economic value.
He highlighted the ongoing Ibadan Circular Road project, explaining that its objective is to serve as a major economic and transport corridor.
He said the 32-kilometre first phase of the circular road is almost completed and is expected to be commissioned in the first quarter of 2026.
According to him, the state has invested about $200 million into the project after attempts to secure a concessionaire failed.
Makinde added that once concessionaires eventually come on board, the state could recover the funds as capital receipts over time.
The governor also clarified the historical background of the project, recalling that the idea was first mooted by former Governor Lam Adesina and later developed as a project under former Governor Rashidi Ladoja, after whom the 110-kilometre corridor has been named.
He dismissed allegations of land grabbing linked to the project, noting that the corridor was already gazetted in 2018 and that compensation was being provided to verified occupants, even where formal title documents were unavailable.
Makinde reiterated that under his administration’s Omituntun 2.0 agenda, the expansion of Oyo’s economy would be driven by agriculture, solid minerals, tourism, and infrastructure.
He maintained that the Circular Road would prevent future gridlock in Ibadan, describing it as a “proper motorway” intended to attract industrial and commercial activity along the corridor.
The governor said his ultimate goal was not only to construct physical projects but to build lasting institutions that would guarantee good governance and sustainable growth beyond his tenure.
