Governor Seyi Makinde of Oyo State has officially signed the N684 billion 2025 Appropriation Act, titled the “Budget of Economic Stabilisation,” into law.
During the signing ceremony at the Executive Chamber of the Governor’s Office in Ibadan on Monday, Makinde announced his administration’s commitment to achieving an ambitious 80% budget implementation rate, an improvement from the over 70% recorded in previous years.
Makinde highlighted that the performance of Oyo State’s annual budgets has significantly improved under his leadership compared to the 30-35% implementation rate of past administrations.
“The 2025 budget is a strategic tool to stabilize the state’s economy while pushing for reforms, people-centred policies, and economic growth. It reflects our unwavering commitment to the well-being of Oyo residents,” Makinde said.
The governor noted that the budget includes provisions for the implementation of the new minimum wage and consequential adjustments, which will take effect from January 1, 2025. Additionally, he announced that workers and retirees would receive their 13th-month salary on December 31, 2024, as part of the government’s efforts to prioritize welfare.
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Makinde expressed gratitude to labor union leaders and the state’s workforce for their cooperation during discussions on the minimum wage, emphasizing that the government remains dedicated to fulfilling its commitments.
“This journey began with stakeholders’ meetings in September 2024, where we gathered input from across the zones of the state. The 2025 budget is more than a document—it’s our operational manual. By sticking to this guide, we ensure transparency and accountability in governance,” Makinde said.
He assured residents that the administration would continue prioritizing infrastructure development and addressing critical needs. “If a road to your house is in the budget, there’s an 80% chance it will be implemented. This is far better than the 35% probability under previous administrations,” he added.
Makinde praised the harmonious relationship between the Executive and Legislative arms of government, which he credited for the swift approval of the budget. The budget, initially pegged at N678 billion, was reviewed upward to N684 billion by the State House of Assembly to accommodate emerging priorities and critical projects.
Speaker of the House, Adebo Ogundoyin, explained that the adjustment was essential to drive economic growth, improve infrastructure, and enhance the overall quality of life for residents.
“The signing of this budget represents a leap forward for Oyo State. It sets the stage for unprecedented growth and development, with significant investments in education, infrastructure, and worker welfare through the implementation of the new minimum wage,” Ogundoyin said.
Governor Makinde reassured residents that his administration would remain transparent and responsive. He urged citizens to voice their grievances and concerns constructively, promising that the government would engage with all stakeholders fairly.
“As a government, we are not perfect, but we are open to correction. Issues that people are unhappy with should be brought to the table. We have reviewed cases where individuals were unjustly treated and reinstated them. This is what your government should do for you,” Makinde said.
Makinde concluded by acknowledging the economic challenges of 2024 and urging residents to remain hopeful. “2024 was tough for all of us, but as long as we have life, we will continue to push for reforms and economic stability. This budget is key to achieving those goals, and we will work tirelessly to deliver on our promises,” he said.
The 2025 budget, which emphasizes infrastructure development, economic stabilization, and worker welfare, is expected to catalyze growth and improve the quality of life in Oyo State.
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