Oyo State Governor, Seyi Makinde, has signed the 2025 Appropriation Act, valued at ₦684.1 billion, into law.
Tagged the “Budget of Economic Stabilisation,” the budget emphasizes reforms, people-centered policies, and economic stability to enhance the well-being of residents.
The governor made the announcement at the Executive Chamber in Agodi, Ibadan, on Monday, highlighting the significant improvement in the state’s budget implementation performance, which has risen from 30-35% to over 70% since the inception of his administration. For 2025, the target has been set at 80%.
Governor Makinde explained that the 2025 budget underwent extensive consultations with stakeholders across all zones of the state before its preparation, ensuring inclusivity and alignment with residents’ needs.
The budget consists of a capital expenditure of ₦344.96 billion and a recurrent expenditure of ₦339.19 billion.
“This budget is our operational manual, guiding us in running this administration effectively. It includes provision for the new minimum wage and consequential adjustments, which will take effect from January 1, 2025,” Makinde stated.
The governor also announced that the government would pay a 13th-month salary to all workers and retirees on December 31, 2024, as part of its commitment to employee welfare.
He commended the state’s workforce and labour union leaders for their support and understanding during discussions on wage reforms.
Makinde affirmed that the 2024 budget had catered for salary payments, wage awards, and the 13th-month salary, all of which have been implemented as planned.
The new budget, he noted, will further stabilize the state’s economy and provide a framework for continued development in 2025.
