News Update
THE Osun State Government has taken a bold step toward driving sustainable development by allocating 45% of its 2025 budget to capital projects.
Out of the total N427.75 billion expenditure plan, N191.55 billion has been earmarked for capital investments to spur infrastructure development and economic transformation.
Speaking during a budget analysis press briefing at the Ministry of Economic Planning, Budget, and Development on Thursday, the State Commissioner for Economic Planning, Budget, and Development, Professor Maruf Adeleke, explained that the 2025 budget, themed the “Budget of Sustainable Growth and Transformation,” is focused on consolidating gains made in the past two years.
“This budget is designed to sustain the growth we’ve recorded over the last two years and set Osun on a transformative path. Our vision is to evolve from a civil-service-dominated economy to one that creates value beyond government services,” Professor Adeleke stated.
Key Highlights of the Budget;
Governor Ademola Adeleke had initially presented a N390.03 billion budget proposal to the State House of Assembly on November 13, 2023.
Following deliberations, the Assembly increased the budget to N427.75 billion, which was passed on December 23, 2024, and signed into law by the governor on December 30, 2024.
The Commissioner emphasized that the budget process incorporated inputs from diverse stakeholders, including Civil Society Organizations, traditional leaders, market associations, religious groups, and others.
Explaining the 56% increase compared to the 2024 budget of ₦273.91 billion, Professor Adeleke attributed the hike to inflation, GDP growth, exchange rates, oil prices, and the rising demands of the state.
Sources of Revenue;
The state plans to finance the 2025 budget through:
Federation Account Allocation Committee (FAAC): ₦251.67 billion (59%)
Internally Generated Revenue (IGR): ₦109.87 billion (26%)
Aids and Grants: ₦36.20 billion (8%)
Opening Balance: ₦30 billion (7%)
Sectoral Allocations
Significant funds have been allocated to critical sectors to ensure comprehensive development.
Key highlights include:
Infrastructure: ₦109.01 billion
Education: ₦57.45 billion
Health: ₦31.24 billion
Governance and Administration: ₦59.16 billion
Finance and Revenue Mobilization: ₦56.26 billion
Other allocations cover Agriculture, Water and Sanitation, Social Welfare, and Security, ensuring balanced investment across the state.
Sector Allocation (₦)
Governance and Administration Sector; 59,162,169,140.00
Human Capital Development Sector: 46,981,263,870.00
Agriculture Sector; 7,162,112,850.00
Economic Planning and Budget Sector; 4,209,391,640.00
Commerce and Industry Sector ; 4,818,903,350.00
Culture and Tourism Sector; 6,255,970,530.00
Education Sector; 57,451,429,850.00
Solid Mineral Resources Sector; 5,702,456,970.00
Environment Sector; 6,624,277,030.00
Health Sector; 31,243,696,200.00
Infrastructure Sector; 109,013,646,780.00
Social Welfare and Youth Development Sector; 13,472,941,320.00
Security, Law, and Justice Sector; 8,068,502,160.00
Information and Communication Sector; 2,802,903,370.00
Water and Sanitation Sector; 8,517,063,580.00
Finance and Revenue Mobilization Sector; 56,260,196,530.00.
Total All Sectors; 427,746,925,170.00.
Breakdown of Expenses
Personnel costs will account for ₦102.90 billion, overhead costs ₦89.69 billion, debt servicing ₦29 billion, and subsidies, grants, and contributions ₦14.61 billion.
Monitoring and Accountability
The Commissioner assured that the Ministry would closely monitor budget implementation to ensure targets are met. Citizens were encouraged to cooperate with revenue agencies, while measures to block revenue leakages would be intensified to achieve the budget’s goals.
The press briefing was attended by key government officials, including the Commissioner for Information and Civic Orientation, Hon. Kolapo Alimi; Special Adviser on Economic Planning, Budget, and Development, Hon. Adediran Adekola; and Permanent Secretary of the Ministry, Mrs. Esan.
This allocation reflects Osun State’s commitment to driving sustainable growth and development, with infrastructure, education, and health at the forefront of its priorities.
By Taiwo Fatola.
News Update President Bola Tinubu on Wednesday, approved six new appointments in the education sector.…
News Update THE outgoing Minister of Finance and Coordinating Minister of the Economy, Wale Edun,…
Hon. Oyewole Aderemi has alleged that he narrowly escaped a suspected kidnapping attempt at his…
News Update PRESS RELEASE OFFICE OF THE SECRETARY TO THE GOVERNMENT OF THE FEDERATION Tinubu…
Worried by the growing impact of substance abuse on families and communities, stakeholders in Ekiti…
The Governor of Kwara State, AbdulRahman AbdulRazaq, on Tuesday afternoon paid a get-well-soon visit to…