Gov Seyi Makinde of Oyo State on Wednesday, presented a budget of N678.06 billion for the 2025 fiscal year to the state House of Assembly for approval.
The News Agency of Nigeria (NAN) reports that the 2025 budget is tagged “Budget of Stabilisation.”
The capital expenditure is N343 billion, which represents 50.6 per cent of the total budget while the recurrent expenditure is N335 billion, representing 49.4 per cent of the budget.
Makinde said that infrastructure development would take the largest allocation of N152 billion, representing 22.4 per cent of the budget.
The governor stated that N145 billion was earmarked for the education sector, being 21 per cent, while N59 billion was for the Health sector, representing nine per cent of the total budget.
Agriculture sector received N18 billion, representing three per cent of the budget.
Makinde said the budget would largely address the current economic hardship being faced by the citizens of the state.
He stressed that the presentation, particularly in the infrastructure sector, was based on his administration’s commitment to extend rehabilitation of feeder roads in all zones of the state.
The governor said that his vision to improve infrastructure across the state would enhance connectivity and promote economic growth through better transportation networks.
In his remarks, the House of Assembly Speaker, Mr Debo Ogundoyin, said that the presentation was a crucial step in the budgetary process.
Ogundoyin noted that the governor had successfully outlined the details of the 2025 budget.
He said the 2024 budget performance achieved an impressive 64 per cent, saying the collaborative efforts of government branches and stakeholders made it realisable.
“Building on this momentum, 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, foster economic recovery, and improve the overall quality of life for Oyo state residents,” he said.
The speaker pledged that the House would conduct thorough oversights of all government ministries, department and agencies in order to guarantee transparency, accountability and responsible allocation of resources.
He added that the lawmakers would speedily work on the budget for quick passage of the 2025 expenditure. (NAN)
