The Governor of Osun State, Ademola Adeleke, has signed the state’s N723 billion 2026 Appropriation Bill into law, formally approving what will be the final budget of his first term in office. The signing marks a critical moment for the administration, as it seeks to consolidate three years of fiscal and governance reforms while laying the groundwork for future development initiatives.
The budget signing ceremony took place on Monday in Osogbo, the state capital, with key members of the executive arm of government in attendance. Among those present were the Deputy Governor, Kola Adewusi, and members of the Osun State Executive Council. The development was confirmed in an official statement issued by the governor’s spokesperson, Malam Olawale Rasheed.
Governor Adeleke described the 2026 budget as a strategic instrument designed to deepen governance reforms, expand service delivery, and sustain development outcomes across the state. According to him, the fiscal plan aligns with his administration’s five-point development agenda, which focuses on infrastructure renewal, social welfare, economic revitalisation, good governance, and improved service delivery to citizens.
The governor explained that the N723 billion budget would be deployed both to complete ongoing projects inherited or initiated during his tenure and to roll out new initiatives aimed at improving the quality of life for residents. He stressed that continuity and consolidation remain key priorities, particularly in sectors where progress has already been recorded.
“Our administration has, in the last three budget years, laid a solid foundation for the sustainable development of our dear state,” Adeleke said. “We completed many abandoned projects and launched new ones. We paid billions of naira in pension and salary debts. We prioritised workers’ welfare, approved and implemented payments of promotion arrears, and cleared allowances that were neglected by the previous administration.”
He added that the outcomes of previous budgets under his leadership have been encouraging, noting that tangible improvements have been recorded in infrastructure delivery, social services, and fiscal management. Adeleke maintained that the 2026 budget is structured to build on these gains while addressing emerging needs across the state.
Beyond infrastructure and welfare spending, the signing of the budget also reflects the administration’s broader effort to strengthen Osun State’s fiscal position. In July, the state government announced that it had achieved a significant reduction in its debt profile, revealing that Osun’s debt burden had been cut by 43 percent between 2022 and 2025. The government attributed the reduction to improved revenue management, debt restructuring, and disciplined spending.
Originally presented to the Osun State House of Assembly on November 12 at N705 billion, the 2026 budget was later reviewed and adjusted upward to N723 billion. The revised figure was passed by lawmakers on December 23, following deliberations and amendments during the legislative review process. The adjustments reflect additional funding needs identified by lawmakers in collaboration with the executive arm.
The approval of the budget sends a clear signal that the Osun State government intends to consolidate past achievements while positioning the state for sustained growth beyond the current administration’s first term. Analysts note that the final-year budget of any administration often serves as a benchmark for assessing policy direction, fiscal discipline, and governance priorities.
According to the latest data from the Debt Management Office for the first quarter of 2025, Osun State’s total debt stock stood at N83.3 billion. The same data showed that the combined debt of the 36 states and the Federal Capital Territory amounted to N3.87 trillion. At the national level, Nigeria’s total public debt rose to N149.39 trillion as of March 31, 2025, representing a year-on-year increase of N27.72 trillion, or 22.8 percent, compared to N121.67 trillion recorded in the corresponding period of 2024.
In a further demonstration of its commitment to social welfare, the Adeleke administration earlier approved a N4 billion bond in May for the payment of retirees under the contributory pension scheme. The move was widely welcomed by labour groups and pensioners, many of whom had faced prolonged delays in accessing their entitlements.
With the signing of the N723 billion 2026 budget, Governor Adeleke’s administration enters a decisive phase—one focused on completing key projects, strengthening fiscal stability, and delivering a lasting legacy of inclusive development in Osun State.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
