Oyo State Governor, Seyi Makinde has presented ₦678 billion 2025 appropriation bill to the House of Assembly.
The budget tagged ”Budget of Economic Stabilisation” has infrastructure development and education sector getting the lion’s share.
Presenting the budget to lawmakers on Wednesday, the governor said the state government plans to spend 51 per cent of the proposed budget on capital expenditure, while recurrent expenditure will take 49 per cent.
According to the governor, infrastructure will get ₦152,265,859,738.19, which represents 22.46 per cent of the total budget estimate, which he maintained was a product of the feedback received from residents of the state across all the geopolitical zones during the stakeholders’ consultative forum organised to get the residents’ inputs into the 2025 Budget.
“Mr Speaker Sir, Honourable Members of the House, permit me at this point to present the Oyo State 2025 Appropriation Bill that will support the new minimum wage, and power further investments in our economy, education, healthcare and security sectors,” Makinde said.
He stated that the state would consolidate the economic gains garnered from the 2024 Budget of Economic Recovery and translate them into more tangible benefits for the people of the state.
As part of the increased infrastructure development drive, the governor disclosed that he recently approved the release of N2 billion to the contractor handling the ongoing reconstruction of the 48-kilometre Ido-Ibarapa Road project to fast-track the completion of another 12 kilometres.
“We are proposing a budget of six hundred and seventy-eight billion, eighty-six million, seven hundred and sixty-seven thousand, three hundred and thirty-two-naira, eighteen kobo (N678,086,767,332.18).
“Of this, N343,028,948,216.20, which is 50.59 per cent is for capital expenditure while N335,057,819,115.98, which is 49.41 per cent is for recurrent expenditure.
“Having looked at the data, including current inflation trends and projections for the year 2025, our Budget of Economic Stabilisation is just about 35 per cent higher than our 2024 Budget of Economic Recovery.
“We kept in mind the fact that we want an implementable budget. As of October, our last budget was at about 65 per cent implementation as of Q3, which is 5 per cent short of our projection. We believe that our revenue options will support over 70 per cent of implementation in 2025.
“Health and Agriculture at N59,411,385,714.68 and N18,760,243,348.45 are about 9 per cent and 3 per cent of the Budget respectively.
“We strongly believe that this budget will live up to its name as the economic stabilisation that will support our Oyo State Roadmap for Sustainable Development 2023-2027.
“Our plan is to bring more smiles into the faces of investors, smallholder farmers, micro and small entrepreneurs, our teachers and other public servants, our parents, our children, our youths, and all residents of Oyo State.”
He said the rehabilitation of inner roads would soon kick off in other zones outside the state capital as they have been captured in the 2025 budget proposal.
