Governor Seyi Makinde of Oyo State has officially signed the 2024 Appropriation Bill into law.
The ₦684 billion budget, tagged “Budget of Economic Stabilization,” aims to consolidate the state’s developmental gains while addressing prevailing economic challenges in the state.
Speaking during the signing ceremony at the Executive Chamber of the Governor’s Office in Ibadan on Monday, December 23, Makinde expressed optimism that the budget would foster growth, enhance infrastructure, and improve the livelihoods of residents.
He explained that the budget is a reflection of his administration’s commitment to sustaining economic stability and delivering inclusive development across all sectors.
Makinde had earlier in November presented a 2025 budget proposal of ₦678 billion to the state House of Assembly for their legislative scrutiny and approval.
However, the state legislature after its legislative considerations jacked up the budget by the sum of ₦6billion thereby, increasing the total budget from ₦678 billion to ₦684billion.
Governor Makinde, while signing the budget into law disclosed that all critical stakeholders including the people of Oyo were adequately carried from the inception till the end of the budget process.
He assured that the new ₦80,000 minimum wage has been captured in the 2025 budget and its implementation will commence by January of next year.
Earlier, the Speaker, Oyo state House of Assembly, Hon. Adebo Ogundoyin, in his address said: “Today marks a momentous occasion in our journey towards transforming Oyo State into a beacon of prosperity and excellence.
“The signing of the 2025 Appropriation Bill, tagged “Budget of Economic Stabilisation,” signifies a major leap forward, paving the way for unprecedented growth and development. The 2025 Appropriation Bill is more than just a budget, it is a blueprint for for transforming Oyo State.
“Let me state here that, the upward review of the budget from ₦678 billion to ₦684 billion is a deliberate effort to accommodate emerging priorities and critical projects that will drive economic growth, improve infrastructure, and enhance the overall quality of life for our citizens.”
The Speaker noted that the budget prioritizes infrastructure and education, allocating the highest amounts to these critical sectors.
“Similarly, the substantial allocation to education demonstrates our commitment to empowering the future generation of Oyo State. By investing in our schools, teachers, and students, we are laying the foundation for a brighter future, one that is built on knowledge, innovation, and progress.
“I am delighted to note that the 2025 Appropriation will support the new minimum wage of ₦80,000 for Oyo State workers, which will commence in January 2025. This is another significant step towards improving the welfare of our workers.
“As the Speaker of the Oyo State House of Assembly, I am proud to declare that we are in full support of the State Government’s Medium Term Expenditure Framework (MTEF) for 2025-2027. By leveraging MTEF, we can optimize our revenue mobilization efforts, achieve full expenditure targets, and drive sustainable development.
