Makinde Presents 2025 Budget Of Economic Stabilization To Oyo Assembly
•••As Capital Expenditures Take 51 Percent
•By Oyeniyi Awojoodu, Ibadan
IBADAN – The Executive Governor of Oyo State, Seyi Makinde has presented the 2025 ₦678.086 billion Budget of Economic Stabilization to the Oyo State House of Assembly.
The presentation outlined a budget of N678.086 billion aimed at building on the economic recovery achieved in 2024 and stabilising the state’s economy amidst national challenges.
While 51 percent was appropriated for capital expenditure, recurrent expenditure takes 49 percent.
Governor Makinde, in his address highlighted positive projections for Nigeria’s economy, with inflation expected to decrease by between 7 and 12 percentage points in 2025, according to international bodies like the International Monetary Fund (IMF) and the African Development Bank (AfDB).
He stressed the importance of strategic action by all levels of government to turn these predictions into reality.
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“This year, we are presenting a budget that consolidates the gains we made through the 2024 Budget of Economic Recovery and seeks to deliver even more tangible benefits to our people,” Makinde said, adding that the goal of the 2025 budget is to stabilise the state’s economy and provide sustainable development.
Before presenting the 2025 budget, Governor Makinde reviewed the accomplishments of the 2024 Budget tagged “Budget of Economic Recovery” stating that the state made significant progress in key sectors such as infrastructure, agriculture, education, healthcare, and security.
He explained that Oyo State completed a total of 118.07 kilometers of roads, including the Iseyin-Fapote-Ogbomoso Road, renamed the Adebayo Alao-Akala Memorial Highway stressing that the road has enhanced socio-economic activities in the Oke-Ogun and Ogbomoso zones.
Additionally, Makinde said 43.46 kilometers of feeder roads were completed in Ibadan, with ongoing work on 59.52 kilometers adding that the state also continued its transportation subsidy, benefiting about 30,000 residents.
On the agricultural front, over N1 billion in low-interest loans was disbursed to over 10,000 smallholder farmers, while thousands more received farm inputs and training through various government programmes. The state also began taxing trucks that transport agricultural produce out of Oyo State, a move designed to retain more value from its agricultural sector.
In education, Governor Makinde highlighted the ongoing renovation of 105 primary schools under the World Bank-assisted BESDA programme, with a further 100 secondary schools set for repairs. The state also recruited 14,500 teachers, marking a historic hiring spree in the education sector.
These efforts, he said are complemented by an N80,000 minimum wage proposal for civil servants, which will affect teachers and other public workers.
In healthcare, the state completed the upgrade of 209 primary healthcare centers and is now working to equip these facilities while recruiting additional healthcare workers to fill critical vacancies.
•2025 Budget Breakdown•
The 2025 Budget of Economic Stabilisation proposes a total expenditure of N678.08 billion, with N343.03 billion (50.59%) allocated to capital expenditure and N335.06 billion (49.41%) for recurrent expenditure. The budget represents a 35% increase from the 2024 Budget of Economic Recovery, reflecting the state’s commitment to tackling economic challenges while focusing on sustainable growth.
Key allocations in the 2025 budget include:
Infrastructure: N152.27 billion (22.46% of the total budget), the largest share, reflecting the administration’s continued focus on improving the state’s infrastructure.
Education: N145.35 billion (21.44%), with significant investment in the renovation and upgrade of schools.
Healthcare: N59.41 billion (9%), which will support ongoing healthcare reforms and the recruitment of additional medical staff.
Agriculture: N18.76 billion (3%), to continue supporting farmers and boosting the agricultural sector.
Governor Makinde expressed confidence that the budget would achieve more than 70% implementation, citing a 65% success rate in implementing the 2024 budget.
The Governor emphasized that the 2025 Budget of Economic Stabilisation is designed to continue Oyo State’s journey towards sustainable development, focusing on improving the lives of residents through investments in infrastructure, education, healthcare, and security.
The Governor’s speech was met with commendations and support from the state assembly members who applauded the state’s commitment to addressing the challenges of inflation, poverty, and infrastructural deficits while prioritising the welfare of the people.
The Speaker, Rt. Honorable Adebo Ogundoyin, in his address after the House received the budget, commended the governor for delivering good governance to the people of Oyo State.
While reeling out the achievements of the state legislature within the current legislative year in terms of the amount of bills and motions passed, Ogundoyin assured that the House will continue to be a partner in progress and also provide the needed support for the executive arm of government to deliver on its economic expansion agenda.