Oyo Governor Signs N684billion Budget of Economic Stabilisation into Law

Oyo State Governor, Seyi Makinde, has officially signed the 2024 Appropriation Bill tagged “Budget of Economic Stabilisation” into law.

Speaking during the signing ceremony at the Executive Council Chamber of the Governor’s Office in Ibadan, on Monday, Makinde expressed optimism that the N684 billion budget would foster growth, enhance infrastructure, improve the livelihoods of residents, and consolidate developmental gains, while addressing prevailing economic challenges in the state.

The governor explained that the budget is a reflection of his administration’s commitment to sustaining economic stability and delivering inclusive development across all sectors.

He disclosed that all critical stakeholders including the people of Oyo State were adequately carried along from the inception till the end of the budget process, assuring that the new ₦80,000 minimum wage has been captured in the 2025 budget, and its implementation will commence by January, 2025.

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Makinde had, earlier in November, presented a 2025 budget proposal of ₦678 billion to the State House of Assembly for legislative scrutiny and approval, but after its legislative considerations, the state legislature jacked up the budget by the sum of ₦6 billion thereby increasing the total budget to ₦684 billion.

Speaking earlier, the Speaker, Oyo State House of Assembly, Adebo Ogundoyin, said the signing of the 2025 Appropriation Bill signifies a major leap forward, paving the way for unprecedented growth and development.

He affirmed that the 2025 Appropriation Bill is more than just a budget, but a blueprint for transforming Oyo State.

He noted: “Let me state here that, the upward review of the budget from N678 billion to N684 billion is a deliberate effort to accommodate emerging priorities and critical projects that will drive economic growth, improve infrastructure, and enhance the overall quality of life for our citizens.”

The Speaker stated that the budget prioritises infrastructure and education. He said the substantial allocation to education demonstrates the administration’s commitment to empowering the future generation of the state, as investing in schools, teachers, and students ensures laying the foundation for a brighter future built on knowledge, innovation, and progress.

“I am delighted to note that the 2025 Appropriation will support the new minimum wage of ₦80,000 for Oyo State workers, which will commence in January 2025. This is another significant step towards improving the welfare of our workers,” Ogundoyin ssid.

He declared that the Oyo State House of Assembly is in full support of the state government’s Medium Term Expenditure Framework (MTEF) for 2025-2027, saying that by leveraging MTEF, the state can optimise its revenue mobilisation efforts, achieve full expenditure targets, and drive sustainable development.

Emmanuel Ukoh