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Oyo State State
All States
South-WestCap: Ibadan

Oyo State .

Governor Seyi Makinde
Pop. ~8M
PortalWebsite
Total 2024 Budget
₦479,000,000,000

Oyo State is one of the largest states in Nigeria by land area and population. Its capital Ibadan was formerly the largest city in sub-Saharan Africa. The state is a major hub for commerce, agriculture, and education, home to the University of Ibadan — Nigeria's oldest university.

Metrics Overview

Capital Exp.
₦269,000,000,000
56% of total
Recurrent Exp.
₦210,000,000,000
44% of total
Total Revenue
₦479,000,000,000
Estimated income
Fiscal Balance
Balanced
Matched

Breakdowns

Education
₦130.0B27.1%
Infrastructure
₦115.0B24.0%
Health
₦95.0B19.8%
Agriculture
₦62.0B12.9%
Security
₦22.0B4.6%

Budget Insights

Key observations from Oyo State State's 2024 budget

Overview

Oyo State State's total budget for 2024 is ₦479.00 Billion. This budget is perfectly balanced.

Expenditure Focus

The largest single sector allocation is education, receiving ₦130.00 Billion. This accounts for 27.1% of the total budget.

Revenue Dependency

The primary source of revenue is faac, contributing ₦248.00 Billion. This represents 51.8% of the total expected revenue.

Glossary

Common budget terms explained

IGR

Internally Generated Revenue. Money collected by the state internally (taxes, fines).

FAAC

Federation Account Allocation Committee. Funds distributed from the federal government.

Capital Exp.

Money spent on long-term physical assets like roads, schools, and hospitals.

Recurrent Exp.

Money spent on day-to-day operations like salaries and overhead costs.

Deficit

When a state plans to spend more money than it expects to collect in revenue.