Oyo State Governor, Seyi Makinde, on Wednesday, presented a N678.06 billion budget for the 2025 fiscal year to the state House of Assembly, seeking its approval.
The 2025 budget, which the governor described as the “Budget of Stabilization,” allocates N343 billion, or 50.6 percent of the total budget, to capital expenditure. Recurrent expenditure stands at N335 billion, accounting for 49.4 percent of the budget.
Governor Makinde explained that the largest portion of the budget, N152 billion (22.4 percent), would be directed towards infrastructure development. “Infrastructure development will take the largest allocation of N152 billion, representing 22.4 per cent of the budget,” he said.
The education sector received a substantial allocation of N145 billion, representing 21 percent of the total budget. “N145 billion has been earmarked for the education sector, being 21 percent of the budget,” Makinde noted.
Meanwhile, N59 billion, or nine percent, is designated for the health sector, and N18 billion (three percent) will go to the agriculture sector.
Governor Makinde emphasized that the budget was designed to address the current economic challenges faced by the citizens of Oyo State.
He said the infrastructure component, particularly in the rehabilitation of feeder roads across all zones, reflected his administration’s commitment to improving connectivity and promoting economic growth through enhanced transportation networks.
“The budget will largely address the current economic hardship being faced by the citizens of the state,” Makinde stated.
In response to the presentation, the Speaker of the Oyo State House of Assembly, Debo Ogundoyin, described the governor’s budget proposal as a critical step in the budgetary process. He highlighted that the performance of the 2024 budget had been impressive, achieving 64 percent, and attributed this success to the collaborative efforts of all branches of government and stakeholders.
“The 2024 budget performance achieved an impressive 64 percent, and the collaborative efforts of government branches and stakeholders made it realizable,” Ogundoyin said.
The Speaker expressed confidence that the 2025 budget would exceed the successes of 2024, fostering economic recovery and improving the quality of life in Oyo State.
“We are hopeful that the 2025 budget proposal will surpass the 2024 performance. This budget will build on the successes of the 2024 budget by helping to drive socio-economic growth and improve the overall quality of life for Oyo State,” he added.
Ogundoyin assured that the House would conduct rigorous oversight of government ministries, departments, and agencies to ensure transparency and accountability in the use of allocated resources.
He further pledged that lawmakers would work expeditiously to pass the 2025 budget. “We will speedily work on the budget for its quick passage,” he stated.
