Oyo State Governor, Seyi Makinde, has introduced an Appropriation Bill of N678.087 billion for the 2025 fiscal year, which he has called the “Budget of Economic Stabilization.” The presentation was made at the State House of Assembly in Ibadan on Wednesday.
The proposed budget is approximately 35% higher than the 2024 Budget of Economic Recovery. Governor Makinde expressed optimism about achieving over 70% implementation of the budget in 2025, citing a 65% implementation of the 2024 budget by the third quarter, which fell short by just 5%.
In terms of allocation, the governor revealed that more than half of the budget would be devoted to capital expenditure, with N343.03 billion (50.59%) set aside for this purpose. The remaining N335.06 billion (49.41%) is earmarked for recurrent expenditure.
The budget prioritizes infrastructure, which will receive N152.27 billion (22.46%), followed closely by education with N145.35 billion (21.44%). Health and agriculture will receive N59.41 billion (9%) and N18.76 billion (3%), respectively.
Governor Makinde emphasized that the increase in the education allocation is aimed at addressing the sector’s infrastructure deficit, including the renovation of schools. He expressed confidence that this budget would support the Oyo State Roadmap for Sustainable Development 2023-2027, benefiting a wide range of sectors, including smallholder farmers, micro-enterprises, public servants, and residents of the state.
“We aim to bring more smiles to the faces of our people,” Governor Makinde stated, expressing hope that the budget would bring positive changes for the people of Oyo State.
