*A state budget in Nigeria is a statement of intent, not a record of spending. The number signed in December is routinely revised mid-year and rarely implemented above 70% on the capital side. Read the figures below as the size of the claim, and the IGR line as the size of what the state can raise without Abuja.*
The numbers#
- 2025 approved budget: ₦684,149,398,399.06 (signed 23 December 2024)
- 2026 approved budget: ₦892,000,000,000 (signed 22 December 2025)
- Internally generated revenue (2023, the latest NBS state-level IGR report): ₦52.75 billion (₦40.53bn tax, ₦12.22bn MDA revenue)
- Debt stock (31 December 2025, provisional): ₦77,415,003,365.24 domestic plus US$87,517,498.67 external
Note#
Oyo is the most populous state in the South-West after Lagos yet raises under a fifteenth of Ogun's tax revenue per the same NBS release — the gap between population and fiscal capacity is the whole argument of the state's budget speeches. Federation Account receipts are omitted: only press aggregations of FAAC data were available, not the Accountant-General's own per-state line.
References
Sources#
- Oyo State Government, 2025 and 2026 Appropriation Laws (budget.oyostate.gov.ng; signing releases, 23 December 2024 and 22 December 2025)
- National Bureau of Statistics, Internally Generated Revenue at State Level (2023), published October 2024
- Debt Management Office, States and FCT Domestic and External Debt Stock as at 31 December 2025 (provisional)