In a landmark presentation at the Oyo State House of Assembly, Governor Seyi Makinde unveiled the 2025 Budget of Stabilization, allocating ₦343 billion to drive economic growth and development. This budget marks a 35% increase from the previous year’s budget of economic recovery, demonstrating the administration’s commitment to transformative change.
Budget Breakdown
The budget is divided into:
- Capital Expenditure: 50.59% (₦706,780,086,732.18)
- Recurrent Expenditure: 49.41% (₦335,057,819,115.98)
Economic Stabilization Goals
The budget aims to Increase spending on capital expenditure, Maintain a balanced allocation for recurrent expenditure, Achieve over 70% implementation in 2025
Key Sector Allocations
- Infrastructure Development: ₦152,265,859,738.19 (22.46% of the total budget)
- Education: ₦145,354,783,399.80 (21.44% of the total budget)
- Health: ₦59.411 billion (9% of the budget)
- Agriculture: ₦18.766 billion (3% of the budget)
- Water Resources: ₦27.23 billion
These allocations demonstrate the government’s focus on addressing critical needs and promoting holistic growth. The education sector’s substantial allocation exceeds the UNESCO recommended standard, aiming to address infrastructure deficits and renovate schools.
The administration’s emphasis on agriculture seeks to encourage private investment, create jobs, increase food production, and contribute to the state’s economic stabilization. This aligns with the Oyo State Roadmap for Sustainable Development 2023-2027 and Governor Makinde’s vision to make Oyo State the gateway to sustainable investments in Nigeria [2].
Governor Makinde’s administration has consistently presented budgets on time for five consecutive years, with impressive performance rates exceeding 70%. This marks a significant departure from previous years when budgets were often delayed.
The 2025 Budget of Stabilization represents a critical step towards achieving Oyo State’s development goals. Governor Makinde’s commitment to transparency, accountability, and efficient resource allocation ensures that the state remains on a path of sustainable growth and progress.
