The Osun State government has increased its 2025 budget from N390 billion to N427 billion, a 56 per cent rise from the 2024 fiscal year.
The increase, announced Thursday, aims to accelerate development across various sectors of the state’s economy.
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Governor Ademola Adeleke initially presented a N390 billion budget to the Osun State House of Assembly, which was later revised upward by N37 billion.
Commissioner for Economic Planning, Budget, and Development Moruf Adeleke explained the increase at a press conference in Osogbo, emphasising the government’s commitment to fulfilling its promises to the people.
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The commissioner explained that the 2025 budget, christened “Sustainable Growth and Transformation,” was drafted to fast-track the revitalisation of various sectors of the economy for the overall development of Osun State.
According to him, “The 2025 budget was predicated on government policies and influenced by macroeconomic variables such as inflation rate, GDP growth rate, exchange rate, and oil price, as well as the citizens’ needs, leading to a significant upsurge of 56% as against the 2024 budget.
However, Mr Adeleke, a professor, contended that to realise the N427 billion budget, the state government projected to receive N251,670,167,990 from the Federation Accounts Allocation Committee (FAAC). Also, N109,870,932,830 is expected from Internally Generated Revenue (IGR) and N36 billion from capital receipts, adding that N30 billion was the year’s opening balance.
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Giving a further breakdown, he disclosed that N109 billion was allocated for infrastructure development, N59 billion to governance, N46 billion invested in human capital, N31 billion was earmarked to improve healthcare services, N31 billion for urban development, N13 billion was dedicated to youth development programs, and the agriculture sector got N7 billion.
Meanwhile, Mr Adeleke also hinted that “the N100 billion infra plan is a work in progress. Once we are done with it, we are continuing to give our people more infrastructure.”
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