In 1999, the State Planning Commission (SPC) was created from the Ministry of Finance, Budget and Planning by the Alhaji Lamidi Adesina Administration. Later on in 2003, during the Senator Rashidi Adewolu Ladoja Administration, the State Planning Commission transformed to Ministry of Special Duties, after which the State Planning Commission from the Ministry of Special Duties was formed by the Otunba Adebayo Alao Akala administration.
In 2007, there was a merger of the State Planning Commission with Ministry of Finance, Budget and Planning by Senator Rashidi Adewolu Ladoja’s Administration.
In 2008, Otunba Adebayo Alao Akala seperated the State Planning Commission from the Ministry of Finance, Budget and Planning. Three years later in 2011, there was the merging of the State Planning Commission into Ministry of Economic Planning and Budget by immediate past governor, Late Senator Abiola Ajimobi. Afterwards, in 2016 ,the State Planning Commission was resuscitated by the Late Senator Abiola Ajimobi. In 2019, the State Planning Commission was upgraded into Ministry of Budget and Economic Planning by His Excellency, Oluseyi Makinde.