On Wednesday, November 13, 2024, Governor Seyi Makinde of Oyo State, presented a proposed budget estimate of N678,086,767,322.18 to the State House of Assembly for legislative review and approval.
The 2025 budget, tagged “Budget of Economic Stabilisation,” was 35 per cent higher than the 2024 budget.
In his presentation, Makinde stated, “Of the total budget, capital expenditure accounts for N349.29 billion, representing 50.59 per cent, while N325.57 billion is allocated to recurrent expenditure, representing 49.41 per cent of the budget.
“The infrastructure sector receives the largest allocation, with N152.26 billion, or 22.46 per cent, followed by education with N145.26 billion, representing 21.44 per cent of the budget.
“Additionally, health receives N59 billion, representing nine per cent, while agriculture is allocated N18 billion, or three per cent of the budget.”
In his brief remarks, Speaker Adebo Ogundoyin affirmed the legislature’s commitment to working closely with the governor to ensure the successful implementation of the 2025 budget adding, “We pledge to conduct thorough oversight of all government arms to guarantee transparency, accountability, and responsible allocation of resources.
“Let me assure you that we will commence the review immediately to ensure swift passage of the appropriation bill. This, as usual, will lead to prompt implementation and completion of all projects in the coming year”, he added.
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.
