The Oyo State House of Assembly, on December 18, 2024, passed and approved an upward review of the state’s 2025 budget, increasing it from ₦678 billion to ₦684 billion.
This adjustment is aimed at accommodating emerging priorities and critical projects that will foster economic growth, enhance infrastructure, and improve the well-being of the people of Oyo State.
The approval followed the presentation of the report by the House Committee on Finance, Appropriation, and State Economic Planning, led by its Chairman, Hon. Sunkanmi Babalola, representing Egbeda State Constituency.
The presentation took place at the plenary session, which was presided over by the Speaker of the Oyo State House of Assembly, Hon. Adebo Ogundoyin.
In his remarks after the passage of the revised budget, Speaker Ogundoyin highlighted that the upward review was essential to address the state’s growing needs in the face of increasing economic challenges and the necessity for infrastructure development.
He emphasized that the additional funds will be strategically allocated to priority sectors that have a direct impact on the state’s socio-economic development.
“The decision to review the 2025 budget upward was taken after thorough consideration of emerging priorities, which include critical infrastructure projects, economic initiatives aimed at boosting productivity, and social welfare programs designed to uplift the lives of our citizens, this adjustment is necessary to ensure that Oyo State continues to progress towards becoming a leading economic hub in the southwest region.”
The revised 2025 budget now totals ₦684 billion, reflecting an increase of ₦6 billion from the initial ₦678 billion proposed by Governor Seyi Makinde on November 13, 2024.
Governor Makinde’s original budget proposal, which amounted to ₦678,086,767,332.18, had set out a comprehensive financial framework for the state’s development, focusing on infrastructure, education, healthcare, security, and other essential services.
The Oyo State Assembly’s decision to increase the budget was in response to an evolving economic environment, which necessitated adjustments to accommodate new and unforeseen priorities.
According to Hon. Babalola, who presented the committee’s report, the budget review was essential for supporting the administration’s agenda to drive long-term growth and improve the quality of life for all Oyo State residents.
“The review will ensure that sufficient resources are allocated for ongoing and new projects that are vital to the state’s development, in particular, there is a focus on infrastructure, including roads, healthcare facilities, and educational institutions, which are pivotal to our economic prosperity.”
The increase in the budget comes at a time when the state, like many others in the country, is grappling with the challenges posed by inflation, rising cost of living, and fluctuating revenue streams.
However, Speaker Ogundoyin expressed confidence that with effective implementation and oversight, the revised budget would yield tangible results in improving the state’s economic landscape.
Governor Makinde, in his original proposal, had laid out plans for continued investments in key sectors, including the completion of road networks, the expansion of healthcare facilities, and the enhancement of the state’s education system.
The additional funds in the upward review will support these initiatives and ensure that they are adequately funded, particularly in areas with the potential to stimulate local economies and create jobs.
The passage of the revised budget was well-received by members of the Oyo State House of Assembly, who commended the administration’s proactive approach to addressing the needs of the state.
Lawmakers expressed their collective commitment to ensuring that the funds allocated for development are spent wisely and that they remain accountable to the people of Oyo State.
“As lawmakers, it is our responsibility to ensure that the budget is used effectively and efficiently,” said Hon. Kazeem Olatunji, a member of the House. “We will work hand in hand with the executive to ensure that projects are delivered on time, and that our people benefit directly from the increased funding.”
The approved budget is expected to play a pivotal role in the state’s development agenda for 2025, as the Oyo State government continues its efforts to improve infrastructure, foster economic growth, and enhance social services. The upward review marks a significant step toward fulfilling Governor Makinde’s vision for a prosperous and self-sufficient Oyo State.
