Oyo State Governor, Engr. Seyi Makinde has presented an Appropriation Bill of N678.087 billion for the 2025 fiscal year to the State House of Assembly.
The bill, named the Budget of Economic Stabilization, was presented at the House of Assembly Gallery in Ibadan on Wednesday.
In his address, Governor Makinde explained that the 2025 budget is approximately 35% higher than the 2024 Budget of Economic Recovery.
He also provided an update on the implementation of the 2024 budget, saying, “Our last budget is about 65% implemented as of Q3, which is 5% short of our projection. We believe that our revenue options will support over 70% implementation in 2025.”
The governor outlined his fiscal strategy for 2025, noting that the proposed budget is designed to allocate a little over 50% to capital expenditure, with about 49% set aside for recurrent expenditure. The breakdown of the budget is as follows:
- Capital expenditure: N343,028,948,216.20 (50.59%)
- Recurrent expenditure: N335,057,819,115.98 (49.41%)
Governor Makinde went on to provide further details of the budget allocations. Infrastructure received the largest share, with N152,265,859,738.19 (22.46%) of the total budget. Education followed closely with N145,354,783,399.80 (21.44%).
The governor emphasized the importance of this increased allocation for education, citing the sector’s infrastructure deficit and the challenges faced in the previous year: “As stated before, the infrastructure deficit in this sector and our inability to meet our plans last year have necessitated an increase in this allocation. We hope to renovate several schools in the coming year.”
Health and Agriculture also received significant portions of the budget. The allocation for health was N59,411,385,714.68 (9% of the total budget), while agriculture was allocated N18,760,243,348.45 (3%).
The governor expressed confidence that the 2025 budget would fulfil its objectives, stating, “We strongly believe that this budget will live up to its name as the economic stabilization plan that will support our Oyo State Roadmap for Sustainable Development 2023-2027.”
Makinde’s vision for the future was clear: “Our goal is to bring more smiles to the faces of investors, smallholder farmers, micro and small entrepreneurs, our teachers and other public servants, our parents, children, youths, and all residents of Oyo State.”
He concluded by expressing his desire for continued progress, adding, “We want to hear more ‘well done’ from people like Oluwaseun Adeomi, as we continue to do our best for our people.”
