Makinde Signs Oyo’s N684bn 2025 Budget into Law

On Monday, Oyo State Governor, Seyi Makinde, officially signed the N684 billion 2025 Appropriation Bill into law, marking a significant milestone in the state’s budgetary process. The budget, dubbed the "Budget of Economic Stabilisation," aims to address the state's pressing economic needs and promote sustainable growth.

Governor Makinde announced that his administration had successfully improved the state's budget implementation rate from a modest 30-35% to over 70%, a clear indicator of better governance and fiscal discipline. He added that the goal for the upcoming year is to hit 80% budget execution.

"Through collaborative efforts and open consultations with stakeholders, we’ve improved our budget performance," Governor Makinde remarked at the signing ceremony held at the Executive Chamber of the Governor's Office in Agodi, Ibadan. "We are targeting 80% budget implementation in 2025, a feat that will allow us to deliver on key reforms, people-centered policies, and economic stability for the people of Oyo State."

The 2025 budget also makes provisions for the new minimum wage and related adjustments. The governor confirmed that these changes would take effect on January 1, 2025. He expressed gratitude to labor union leaders and the state's workforce for their understanding and support during discussions on the wage increase.

Additionally, Governor Makinde revealed plans to pay a 13th-month salary to all workers and retirees by December 31, 2024. "We have made provisions for the new wage, consequential adjustments, and the 13th-month salary, which will be paid on the 31st of December," he stated.

The signing ceremony highlighted the seamless collaboration between the Executive and the Legislature in Oyo State. Governor Makinde praised the State House of Assembly for prioritizing the budget approval process, which took just three months from presentation to signing.

"The relationship between the Executive and the Legislature has been key to our success. It's about working together for the common good of the people," the governor explained. "We didn’t have to force anything; collaboration and unity of purpose have made this possible."

Reflecting on the challenges faced in 2024, Makinde acknowledged the tough year but reassured the people of Oyo State that his administration will continue pushing for reforms, stability, and economic growth. "Though 2024 has been difficult for many, we will not relent. Our focus remains on policies that ensure a better future for all residents," he said.

The Speaker of the Oyo State House of Assembly, Adebo Ogundoyin, commended the upward review of the budget from N678 billion to N684 billion, noting that the increase was necessary to accommodate emerging priorities and critical projects aimed at enhancing economic growth and infrastructure development.

“This budget signifies a leap forward for Oyo State, with key investments in education, infrastructure, and the implementation of the new minimum wage, directly benefiting our workers,” Ogundoyin remarked.

As Oyo State embarks on this new fiscal year, the governor reiterated his commitment to transparency and open dialogue, encouraging residents to engage with the government on any concerns they may have. "We are not perfect, but we are open to addressing issues and improving," Makinde concluded.