Oyo State Chief Executive, Seyi Makinde, presented the 2025 appropriation bill to the Oyo State House of Assembly, with the infrastructure development and education sector getting the lion’s share.
Presenting the budget estimate of N678,086,767,332.18 to lawmakers in Agodi, Ibadan, the Lead Representative said the state administration intends to spend 51% of the proposed budget on capital consumption, while repetitive use will take 49%.
As indicated by the Lead Representative, infrastructure will get N152,265,859,738.19, which addresses 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 communicated the fact that the state would merge the economic gains collected from the 2024 Budget of Economic Recovery and make an interpretation of them into additional unmistakable for the people of the state.
As a feature of the expanded infrastructure development drive, the Lead Representative uncovered that he recently approved the release of N2 billion to the worker for hire 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 percent is for capital expenditure while N335,057,819,115.98, which is 49.41 percent is for intermittent use.
“Having looked at the data, including current inflation trends and projections for the year 2025, our Budget of Economic Stabilization is just about 35% 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 around 65% execution as of Q3, which is 5% short of our projection. We believe that our revenue options will support over 70% of implementation in 2025.
“Health and Agriculture at N59,411,385,714.68 and N18,760,243,348.45 are about 9% and 3% of the Budget respectively.
“We unequivocally believe that this budget will live up to its name as the economic stabilization that will uphold our Oyo State Roadmap for Sustainable Development 2023-2027.
“We will probably 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 occupants of Oyo State.”
He said the recovery of inner roads would soon kick off in different zones outside the state capital, as they have been caught in the 2025 budget proposal.
