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Makinde Submits N678bn Spending Plan For 2025 To Lawmakers

By InsideBusiness
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Infrastructure development and the education sector got the lion’s share of the N678 billion spending plan submitted to the Oyo legislators for 2025 by the State governor, ‘Seyi Makinde.

 

While presenting the N678,086,767,332.18 budget estimate, the governor said 51 per cent of the proposed budget is for capital expenditures, while recurrent expenditures will take 49 per cent.

 

The event was attended by the Deputy Governor of Oyo State, Bayo Lawal, former Deputy Governor, the PDP Deputy National Chairman (South), Ambassador Taofeek Arapaja, former Deputy Governor, Engr. Hamid Gbadamosi; former Speaker of the House of Assembly, Monsurat Sunmonu; and Chief Judge of Oyo State, Honourable Justice Iyabo Yerima, represented by Justice M.O Olagunju, the governor said infrastructure will get N152,265,859,738.19, which represents 22.46 per cent 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 organised to gather inputs for the 2025 Budget.

 

Others were the Secretary to the State Government, Professor Olanike Adeyemo; Chief of Staff to the Governor, Otunba Segun Ogunwuyi; commissioners, traditional rulers, religious leaders, party members and other top government functionaries.

 

He added that the state would consolidate the economic gains from the 2024 Budget of Economic Recovery and translate them into more tangible benefits for the people.

 

As part of the increased infrastructure development drive, the governor disclosed that he recently approved the release of N2 billion to the contractor handling the ongoing reconstruction of the 48-kilometre Ido-Ibarapa Road project to fast-track the completion of another 12 kilometres.

 

He said the rehabilitation of inner roads would soon begin in other zones outside the state capital having been captured in the 2025 budget proposal.
Governor Makinde further explained that the education sector has the second-highest appropriation in the 2025 Budget proposal, with N145,354,783,399.80, representing 21.44 per cent.
He maintained that the renovation of 105 public primary schools under the World Bank-assisted Better Education Service Delivery for All (BESDA) programme had reached 95 per cent completion, but that the government would fix at least 100 public secondary schools, while the 14,500 primary and secondary school teachers awaiting their letters of employment would benefit from the new N80,000 minimum wage.
He said: “Mr Speaker Sir, Honourable Members of the House, permit me 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.
“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 per cent is for capital expenditure while N335,057,819,115.98, which is 49.41 per cent is for recurrent expenditure.
“Having looked at the data, including current inflation trends and projections for the year 2025, our Budget of Economic Stabilisation is just about 35 per cent 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 about 65 per cent implementation as of Q3, which is 5 per cent short of our projection. We believe that our revenue options will support over 70 per cent of implementation in 2025.
“Health and Agriculture at N59,411,385,714.68 and N18,760,243,348.45 are about 9 per cent and 3 per cent of the Budget respectively.
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“We strongly believe this budget will live up to its name as the economic stabilisation that will support our Oyo State Roadmap for Sustainable Development 2023-2027.
“We plan to 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 residents of Oyo State.
“My prayer, Mr Speaker Sir and the Honourable Members of the House is that you extend the same hand of fellowship and union that we have enjoyed over the years as you deliberate on the 2025 Appropriation Bill and grant its passage to the benefit of residents of our dear State.”
While reviewing the performance of the 2024 Budget, the governor declared that 118.07 kilometres of roads were delivered in the last year, including the 76.67km Iseyin-Fapote-Ogbomoso road named after former Governor Adebayo Alao Akala and 43.46km of feeder roads, among others, while about 59.52km of feeder roads are ongoing.
“These roads have a tremendous impact on our people. I have seen people from the Ibadan zone calling to say what we are doing has eased how people move around Ibadan. So, we will be extending the feeder roads reconstruction and rehabilitation to all other zones under this proposed budget,” he said.
The governor further stated that the transport subsidy introduced under the SAfER initiative in August 2023 has also helped about 30,000 residents enjoy up to 50 per cent lower cost in transportation daily. with 75 buses currently operating in intra-city and inter-city routes.
He added that the administration’s determination to help residents recover from economic hardship also saw it provide all sorts of support to thousands of smallholder crop and livestock farmers, including farm inputs distribution, low-interest loans and tractor support, while about 2,085 entrepreneurs received low-interest loans to enable them to boost their businesses.
Speaker of the House of Assembly, Rt. Hon. Adebo Ogundoyin commended Governor Makinde for presenting a comprehensive financial plan for the commencement of the second year of Omituntun 2.0.
He maintained that residents benefit from the administration’s socio-economic initiatives, infrastructural development, and economic growth.
Ogundoyin expressed confidence that the government would build on the successes of the 2024 Budget in the 2025 fiscal budget by helping to drive socio-economic growth, foster economic recovery, and improve the overall quality of life for Oyo State residents, assuring that the Assembly would ensure the passage of the budget proposal after a thorough but speedy consideration.

 

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InsideBusiness

BADEJO ADEMUYIWA has 23 years experience as a Finance Writer, specialising in Insurance and Investigative Reporting.

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