Oyo State Governor, Seyi Makinde, has signed the ₦684 billion 2025 Appropriation Act, tagged the “Budget of Economic Stabilization,” and highlighted his administration’s significant progress in budget performance.
Makinde stated that the state’s budget implementation has improved from 30-35% to over 70%, with a target of achieving 80% implementation in 2025.
Speaking on Monday at the Executive Chamber of the Governor’s Office in Agodi, Ibadan, the governor emphasized his administration’s commitment to reforms, people-centered policies, and economic stability to enhance the well-being of Oyo State residents.
Makinde explained that the 2025 budget would play a crucial role in stabilizing the state’s economy, noting that the process began in September 2024 with budget stakeholders’ meetings held in all zones. After gathering input from the people and conducting Treasury Board meetings, the budget was developed in a consultative, comprehensive manner.
This afternoon, I signed the Oyo State 2025 Appropriation Bill into law. The total budget sum is N684,149,398,399.06 with capital expenditure of N344,957,004,872.20 and recurrent expenditure of N339,192,393,526.86.
— Seyi Makinde (@seyiamakinde) December 23, 2024
In my remarks, I thanked the Oyo State House of Assembly for the… pic.twitter.com/9MkORlpCgt
He expressed gratitude to stakeholders for their collaboration, stating, “The budget is like the operational manual for this administration—it’s like our Bible or Quran, guiding everything we do. Whatever we commit to in the budget, we must follow through.”
The governor also confirmed that the 2025 budget includes provisions for the new minimum wage, which will take effect on January 1, 2025. He commended labor union leaders and the state workforce for their understanding and support regarding the wage implementation. Makinde further disclosed that the government would pay the 13th-month salary to all workers and retirees on December 31, 2024.
He clarified, “If we were to implement the minimum wage and adjustments in 2024 without prior provision, we would be acting contrary to our own laws. We will begin full implementation on January 1, 2025. However, the 2024 budget already covered the main salary, wage award, and the 13th-month salary, and we have followed through with these payments. The wage award will be disbursed this week, and by December 31, the 13th-month salary will be paid.”
