Governor Ademola Adeleke of Osun presented a draft budget of N705 billion to the state assembly on Wednesday for consideration and approval.

Mr Adeleke said the budget, christened “Budget of Economic Transformation,” is a financial document declaring his administration’s unwavering commitment to improving the lives of every citizen of the state.

The governor stated that the budget comprises recurrent expenditure of N317 billion, comprising personnel costs of N135 billion and overhead costs of N182 billion, which represents 45 per cent of the total budget.

Mr Adeleke also stated that the capital expenditure amounts to ₦388 billion, which is 55 per cent of the total budget.

The governor stated that the projected revenue expected in 2026 is N22.7 billion from the government’s share of the Federation Account Allocation Committee (FAAC), N199.6 billion in independent revenue, and other receipts of N268 billion.

He said the 2026 budget proposal was prepared based on projections from the 2026–2028 Medium Term Expenditure Framework (MTEF), as required by the State Fiscal Responsibility Law of 2012.

In his remarks, the assembly speaker, Adewale Egbedun, said the presentation of the budget was constitutionally permissive under Section 121 (1) of the 1999 Constitution of the Federal Republic of Nigeria (amended).

Mr Egbedun said the assembly would give legislative support to the executive and continue to promote equity, trust, justice, transparency, and prosperity in the state.

He said the assembly would also demand thorough accountability from the heads of ministries, agencies, and departments of government for previous appropriations and expenditures during oversight functions.