Oyo State Governor, Seyi Makinde, has officially signed the N684 billion 2025 Appropriation Act, dubbed the “Budget of Economic Stabilisation,” into law.
The signing ceremony, held on Monday at the Executive Chamber of the Governor’s Office in Ibadan, marked a significant step in the state’s efforts to improve economic stability and governance.
During the event, Governor Makinde highlighted his administration’s success in boosting the state’s budget performance from a previous range of 30-35% to over 70%.
He emphasized that the 2025 budget aims to achieve an 80% implementation rate, underscoring the government’s commitment to reform, people-oriented policies, and the well-being of Oyo State residents.
Makinde noted that the 2025 budget includes provisions for the new minimum wage, with its implementation set to commence on January 1, 2025.
He commended the state’s workforce and labor unions for their support during discussions on the new wage.
Additionally, the governor announced that workers and retirees would receive their 13th-month salary on December 31, 2024.
“This journey began in September 2024 with our budget stakeholders’ meetings across all zones. After listening to the people, we prepared the budget and held Treasury Board meetings. It is not just a yearly ritual,” Makinde explained.
The governor acknowledged the collaborative efforts between the Executive and Legislature, which facilitated the smooth passage of the budget within six weeks after its presentation in November.
He attributed the improved budget performance to this synergy and the unity of purpose among the three arms of government.
Makinde stated, “Since we assumed office in 2019, we have had continuous collaboration between the Executive and Legislature. This relationship has become the envy of others. Where there is unity of purpose, things work harmoniously.”
Looking ahead, Makinde expressed optimism about achieving 80% budget implementation in 2025.
He assured residents that the budget would prioritize critical projects, infrastructure development, and reforms to stabilize the economy.
“2024 has been a tough year for all of us, but we cannot give up. As long as we have life, we will continue to push for reforms, policies, and economic stability. This budget will play a key role in making these possible, and I once again solicit continued support for this administration,” Makinde added.
Speaker of the Oyo State House of Assembly, Adebo Ogundoyin, praised the upward review of the budget from N678 billion to N684 billion.
He described it as a strategic move to address emerging priorities and projects that would drive economic growth and improve living standards.
“The signing of the 2025 Budget signifies a major leap forward, paving the way for unprecedented growth and development. It is a blueprint for transforming Oyo State through investments in education, infrastructure, and the implementation of the new minimum wage,” Ogundoyin remarked.
The 2025 Appropriation Act reflects the state’s commitment to transparency, collaboration, and ensuring a better quality of life for its citizens through effective governance and resource management.
