This study assessed farmers' willingness to pay (WTP) for extension services. The Contingent Valuation Method (CVM) was used to assess the amount which farmers are willing to pay. Primary data on the demographic, socio-economic variables of farmers and their WTP were collected from 228 farmers selected randomly in a stage-wise sampling procedure from the Oyo State, Nigeria. The data were summarized using frequency distribution while CVM, commonly used by natural resource economists to assess the willingness of the public to part-fund proposed projects, was used to determine the amount which farmers are willing to pay. Results of the analysis showed that the majority of farmers described themselves as having the ability to pay for services and are willing to pay if their income from farming would increase and the programmes be made relevant to them. They also want to pay through cooperative societies. The CVM result showed that the Lower Bound Mean (LBM) of amount which farmers are willing to pay for extension is N391.47 per farmer per year. The study concluded that there is a challenge to extension specialists to make programmes participatory and farmers relevant if farmers are to be charged with the responsibility of participating in financing agricultural extension services. (Contains 4 tables.)