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Governor of Oyo State, Seyi Makinde, has presented a budget proposal of 678 billion for the fiscal year 2025 to the House of Assembly for consideration and approval.
Mr Makinde made the presentation on Wednesday during a plenary session at House of Assembly complex, Agodi Secretariat, Ibadan.
Breakdown
On the proposed budget, Oyo State Government allocated N343 billion for capital expenditure (50.59 per cent) and N335 billion for recurrent expenditure (49.4 per cent).
From the top five sectors of the economy, the state government set aside N152 billion (22.4 per cent) for infrastructure which features construction and renovation of roads.
For the education sector, the state allocated N145 billion (21 per cent) for building and renovation of schools and other facilities, while health sector is allocated N59 billion (9 per cent) while Agriculture sector got N18 billion (3 per cent) of the total proposed budget.
Governor, speaker speak
Mr Makinde said the 2025 budget proposal is 35 per cent higher than that of 2023, saying the 2024 budget is aimed at promoting budget stabilisation within the state.
The Speaker of the Oyo State House of Assembly, Adebo Ogundoyin, on Wednesday, praised Mr Makinde for presenting a comprehensive and forward-thinking budget proposal for 2025, assuring people of critical scrunity.
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He said: “This proposal is a crucial part of our ongoing efforts to drive economic growth, enhance infrastructure, and improve the quality of life for all residents of Oyo State.
“We are committed to conducting thorough oversight to guarantee transparency, accountability, and responsible allocation of resources.”
According to him, the budget is a crucial step in defining the administration’s financial priorities and strategies, “laying the groundwork for socioeconomic growth and the improvement of Oyo State’s citizens.”
He said the assembly would work closely with the governor to ensure the successful implementation of the budget.
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