Oyo State Governor, Seyi Makinde, has assented to the ₦684 billion 2025 Appropriation Act tagged “Budget of Economic Stabilisation, saying 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.
Makinde who spoke on Monday at the Executive Chamber of the Governor’s Office in Agodi, Ibadan, said the government would target 80 per cent budget implementation in 2025.
He stated that his administration would push for reforms, people-centred policies and economic stability and work for the well-being of residents of the state.
According to Makinde, the 2025 budget would also play a key role in stabilising the economy of the state.
“This journey began in September 2024 when we kicked off the budget stakeholders’ meeting in all zones. After meeting with our people and hearing from them, we prepared the budget and we also had Treasury Board meetings. It is not just like a yearly ritual,” he said.
“I will use this opportunity to thank everybody because we explained to them. Before we started this minimum wage discussion, we discussed. The budget is almost like the operational manual to run this administration; it is like our Bible or Quran that we put by the side. And whatever you put in there, that is what you will want to follow through.”
Makinde noted 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.
He commended labour union leaders and the entire workforce in the state for their understanding and support regarding the implementation of the new minimum wage, disclosing that the government would pay the 13th-month salary to all workers and retirees on the 31st of December, 2024.
“So, if we are saying from nowhere that we should start implementing the minimum wage and consequential adjustment in 2024, it is either we are not faithful to ourselves or we are not following our own laws.
“We will start the implementation on the first of January 2025. But the 2024 budget had the provision for the main salary, wage award and the 13th month and we have implemented them. The salary has been paid. We should be having the wage award this week. And, by the 31st of this month, the 13th-month salary would be paid. We have made provision for all of that,” he stated.
