In a significant move to bolster the state’s development, Governor Seyi Makinde has presented the 2025 Budget of Stabilization to the Oyo State House of Assembly.
The budget, amounting to N678.087b aims to enhance various developmental projects across the state.
The presentation of the Appropriation Bill, christened took place at the House of Assembly Gallery in Ibadan on Wednesday.
According to the governor, the “Budget of Economic Stabilization” is approximately 35% higher than the 2024 Budget of Economic Recovery.
“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.
As stated, our plan is to allocate a little over 50% of the proposed budget to capital expenditure, while about 49% will go towards recurrent expenditure.”
In line with this, the governor’s breakdown allocates N343,028,948,216.20, which is 50.59%, for capital expenditure. N335,057,819,115.98, which is 49.41%, is allocated for recurrent expenditure.
“A further breakdown of the budget shows that infrastructure receives the highest allocation, with one hundred and fifty-two billion, two hundred and sixty-five million, eight hundred and fifty-nine thousand, seven hundred and thirty-eight naira, nineteen kobo (N152,265,859,738.19), which is 22.46% of the total budget.
Education receives the second-highest appropriation, with one hundred and forty-five billion, three hundred and fifty-four million, seven hundred and eighty-three thousand, three hundred and ninety-nine naira, eighty kobo (N145,354,783,399.80), making up 21.44% of the total budget. As stated previously, the infrastructure deficit in this sector and our inability to meet our plans last year have necessitated an increase in this allocation. We aim to renovate a number of schools in the coming year.
Health and Agriculture receive allocations of fifty-nine billion, four hundred and eleven million, three hundred and eighty-five thousand, seven hundred and fourteen naira, sixty-eight kobo (N59,411,385,714.68) and eighteen billion, seven hundred and sixty million, two hundred and forty-three thousand, three hundred and forty-eight naira, forty-five kobo (N18,760,243,348.45), which represent about 9% and 3% of the budget, respectively.
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.
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.
We want to hear more “well done” from people like Oluwaseun Adeomi, as we continue to do our best for our people.”
