The Oyo state House of Assembly has been handed with a total of ₦678.06 billion (N678, 068 767 332.18) by executive governor Seyi Makinde for legislative review and approval of the 2025 budget.
Recurrent expenses make up 49% of the budget, while capital expenditures as specified in the budget account for 51%.
In his remarks prior to the presentation on Wednesday, November 13, Governor Makinde referred to the 2025 budget as the “Budget of Economic Stabilization.”
According to the budget estimate, N343 billion, or 50.59 percent of the overall budget, was allocated for capital expenditures, while N335 billion, or 49.4 percent, was allocated for recurring expenditures.
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According to Makinde, N152 billion has been set aside for the state’s infrastructure development, which he said accounted for the greatest portion of the budget (22.4 percent).
Additionally, N145 billion, or 21% of the overall budget, went to education. Agriculture received N18 billion, or 3 percent of the budget, while health received N59 billion, or 9 percent.
The governor went on to say that the proposed budget for 2025 is a 35% increase over 2024.
