Oyo State Governor, Engineer Seyi Makinde, has signed the 2025 Appropriation Bill, amounting to ₦684 billion, into law. The budget, titled the “Budget of Economic Stabilisation,” aims to consolidate developmental achievements while addressing the state’s current economic challenges.
The signing ceremony took place on Monday in the Executive Chamber of the Governor’s Office. Governor Makinde emphasised that the budget process had been inclusive, involving critical stakeholders and the people of Oyo State from its inception to its conclusion.
The governor also confirmed that the recently approved ₦80,000 minimum wage has been incorporated into the 2025 budget, with implementation set to begin in January 2025. He described the budget as a testament to his administration’s commitment to sustaining economic stability and fostering inclusive development across all sectors.
Governor Makinde initially presented a budget proposal of ₦678 billion in November, which was later adjusted to ₦684 billion by the Oyo State House of Assembly to accommodate emerging priorities and critical projects.
Speaking at the event, the Speaker of the Oyo State House of Assembly, Honourable Adebo Ogundoyin, stated:
“Today marks a significant milestone in our collective journey to transform Oyo State into a beacon of prosperity and excellence. The 2025 Appropriation Bill, tagged the ‘Budget of Economic Stabilisation,’ is more than just a financial plan; it is a comprehensive blueprint for unprecedented growth and development.”
The Speaker noted that the budget prioritises infrastructure and education, allocating substantial resources to these sectors.
“By investing heavily in infrastructure, we are addressing critical needs that will drive economic growth and improve the quality of life for our citizens. Similarly, the significant allocation to education reflects our dedication to empowering the next generation through knowledge, innovation, and progress,” Ogundoyin added.
He also highlighted that the 2025 budget supports the ₦80,000 minimum wage for state workers, which will come into effect in January 2025, further demonstrating the government’s commitment to improving workers’ welfare.
Ogundoyin expressed pride in the legislature’s support for the state’s Medium-Term Expenditure Framework (MTEF) for 2025–2027, which aims to enhance revenue mobilisation, achieve expenditure targets, and drive sustainable development in Oyo State.
