Governor Seyi Makinde of Oyo State has signed the ₦684 billion 2025 Appropriation Act, dubbed the “Budget of Economic Stabilisation,” into law.
Speaking at the Governor’s Office in Agodi, Ibadan, yesterday, Makinde highlighted his administration’s strides in boosting annual budget performance from 30-35 per cent to over 70 per cent and set a new target of 80 per cent implementation for 2025.
Makinde reaffirmed his commitment to reforms, people-focused policies, and economic stability aimed at improving the lives of Oyo State residents.
He described the 2025 budget as pivotal in driving economic progress across the state.
“This process began in September 2024 with budget stakeholders’ meetings across all zones. After gathering input from the people, we drafted the budget and held Treasury Board meetings. For us, the budget is not just an annual exercise; it serves as the operational guide for running this administration,” Makinde stated.
The governor emphasised that the budget includes provisions for the new minimum wage, which will be implemented from January 1, 2025.
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He praised labour unions and the state workforce for their cooperation and announced that the government would pay the 13th-month salary to all workers and retirees on December 31, 2024.
“Starting the minimum wage adjustments earlier than planned would mean going against our own laws. However, the 2024 budget already covered regular salaries, wage awards, and the 13th-month payment. Salaries have been paid, wage awards will be disbursed this week, and the 13th-month salary will follow on December 31,” he explained.
Makinde thanked all stakeholders for their support, reiterating his administration’s dedication to fiscal discipline and ensuring that budgetary allocations translate into tangible benefits for the people of the state.
