Governor Seyi Mankinde of Oyo State, on Monday, signed the state’s 2025 Appropriation Bill into Law.
The budget tagged “Budget of Stabilisation”, has a total expenditure of N684,149,398,399.06 with a capital expenditure of N344,957,004,872.20 and a recurrent expenditure of recurrent expenditure of N339,192,393,526.86.
In a post on his X page on Monday, the governor thanked the state House of Assembly “for the speedy passage of the budget”.
“Our goal is to work towards at least 80% implementation,” he added.
Approved budget N6 billion higher than proposed budget
Nairametrics observed that the approved budget is about N6 billion higher than the N678 billion in the proposal the governor presented to the legislative arm in November.
The governor presented a total expenditure estimate of N678,086,767,332.18, with 51% allocated to capital expenditure and 49% to recurrent expenditure.
According to the proposed budget, infrastructure development received the highest allocation, N152,265,859,738.19, representing 22.46% of the total budget estimate.
Investment in infrastructure
While presenting the appropriation bill, the governor noted that he had approved the release of additional N2bn for the ongoing reconstruction of the 48-kilometer Ido-Ibarapa Road project to fast-track the completion of another 12 kilometres.
He also pledged to improve the rehabilitation of inner roads in other zones outside the state capital, as the 2025 budget proposal encapsulated.
Governor Makinde proposed an allocation of N145,354,783,399.80 to the education sector representing the second-highest appropriation (21.44% of the total estimate).
“Health and Agriculture, at N59,411,385,714.68 and N18,760,243,348.45, account for about 9% and 3% of the Budget, respectively. We strongly believe this budget will live up to its name as the economic stabilisation supporting our Oyo State Roadmap for Sustainable Development 2023-2027,” the governor said.
Implementation of 2024 budget
According to the governor, in a media chat on Saturday, the state’s 2024 budget had an implementation rate of 70%.
“On budgets – we have improved on-budget performance from 30-35% to over 70%. We are also trying to ensure we touch every group in the state traders, artisans, etc..,” he said
He also noted, at the budget presentation, that 118.07 kilometres of roads were delivered in the last one 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 were ongoing.
What you should know
- Nairametrics reported that the Oyo state government recently approved over N15 billion for the rehabilitation and asphaltic improvement of roads in the Bodija, Molete, and Agodi areas of Ibadan.
- With the 2025 budget, the governor has expressed his commitment to improving funding of infrastructure projects and education.
- He said at a media chat last weekend that the education sector in Oyo state has an infrastructure deficit of about N60B and he wishes to improve the state’s funding of the State Universal Basic Education Board.
“The assessment was even done before 2023 so it will be more now. SUBEB intervention is only about N4B a year. We intend to spend a minimum of N10B a year going forward,” he stated.
