Seyi Makinde Presents ₦678bn 2025 Budget Proposal To Oyo Assembly

On Wednesday, the Governor of Oyo State, Seyi Makinde presented the 2025 appropriation bill to the House of Assembly, with the infrastructure development and education sector getting the lion’s share.

Presenting the budget estimate of ₦678,086,767,332.18 to lawmakers in Agodi, Ibadan, the governor said the state government plans to spend 51 percent of the proposed budget on capital expenditure, while recurrent expenditure will take 49 percent.

According to the governor, infrastructure will get ₦152,265,859,738.19, which represents 22.46 percent 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 organized 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 disclosed 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-kilometer Ido-Ibarapa Road project to fast-track the completion of another 12 kilometers.

“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 percent is for capital expenditure while N335,057,819,115.98, which is 49.41 percent 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 percent 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 percent implementation as of Q3, which is 5 percent short of our projection. We believe that our revenue options will support over 70 percent of implementation in 2025.

“Health and Agriculture at N59,411,385,714.68 and N18,760,243,348.45 are about 9 percent and 3 percent of the Budget respectively.

“We strongly believe that this budget will live up to its name as the economic stabilization that will support our Oyo State Roadmap for Sustainable Development 2023-2027.

“We plan 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.