The Governor of Oyo State, Engr. Seyi Makinde has signed the 2025 Appropriation Bill of N684 billion into law.
The Governor assented the bill at the Executive Chamber of the Governor’s Office, Secretariat, Agodi, Ibadan Monday.
Speaking during the signing, Makinde said that his administration had been able to improve the performance of the state’s annual budgets from 30 to 35 per cent to over 70 per cent.
He noted that this was on possible because it engages the whole spectrum of stakeholders in the budget process and has the interests of the state at heart.
The 2025 Appropriation Act is tagged Budget of Economic Stabilisation.
Makinde said that the government would target 80 per cent budget implementation in 2025, adding that his administration would push for reforms, people-centred policies and economic stability and work for the wellbeing of residents of the state.
The governor noted that the 2025 budget would also play a key role in stabilising the economy of the state.
He hailed the collaborative relationship between the executive and the legislative arms in the state, saying the whole process, including the stakeholders’ engagement meetings, budget preparation, the treasury meetings and the scrutiny by the lawmakers, took about three months because all stakeholders prioritised the growth of the state.
Governor Makinde also explained that the 2025 Budget has provision for the new minimum wage, stating that the new wage and consequential adjustments will take effect from January 1, 2025.
The governor appreciated labour union leaders and the entire workforce in the state for their understanding and support regarding the implementation of the new minimum wage, reassuring that the government would pay the 13th month salary to all workers and retirees on 31st of December, 2024.
Speaking earlier, the Speaker, Oyo State House of Assembly, Hon Adebo Ogundoyin, said the upward review of the budget from N678 billion to N684 billion was 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 the people of the state.
He added that the signing of the 2025 Budget “signifies a major leap forward, paving the way for unprecedented growth and development and a blueprint for transforming Oyo State with huge investments in education, infrastructure and implementation of the new minimum wage, which has a direct impact on the workers in the state.”
Hon. Ogundoyin commended Governor Makinde for his unprecedented achievements in recruiting more workers both in the public and civil service and assured of the lawmakers’ support for policies and programmes that drive economic growth, improve infrastructure, and enhance the overall quality of life of the citizens.
