Paragraph 1: Oyo State’s Positive Half-Year Budget Performance and Stakeholder Engagement
The Oyo State government, through the Ministry of Budget and Economic Planning, announced a commendable 80% revenue achievement for the first half of the 2025 fiscal year. This positive performance was unveiled during a presentation detailing the revenue and expenditure performance for the period spanning January to June. The presentation, held at the Local Government Staff Training School in Ibadan, emphasized the government’s commitment to transparency and stakeholder engagement. Commissioner Professor Musibau Babatunde highlighted the significance of this review as a feedback mechanism, offering insights into the budget’s challenges and opportunities while assessing its implementation across various government bodies.
Paragraph 2: Inclusive Budgeting and Quarterly Performance Reviews
The 2025 budget, aptly themed “Budget of Stabilisation,” was formulated through a participatory process involving stakeholders across all seven geopolitical zones of Oyo State. This inclusive approach aimed to ensure citizen involvement and the inclusion of citizen-nominated projects. Governor Seyi Makinde’s administration demonstrated its dedication to transparency by mandating quarterly performance reviews of the budget. This decision stemmed from requests by civil society organizations and other stakeholders, seeking continuous involvement beyond the initial budget preparation phase. The quarterly reviews provide a platform for stakeholders to assess the government’s progress, achievements, and challenges, fostering open communication and accountability.
Paragraph 3: Revenue and Expenditure Performance: A Detailed Analysis
Commissioner Babatunde revealed that the state achieved an 80% pro rata revenue performance for the half-year, indicating a strong trajectory in revenue generation. Concurrently, the expenditure performance reached approximately 69% pro rata, aligning with the planned allocation of resources. This positive trend highlights the efficient utilization of funds and the commitment to achieving the budget’s objectives. While the presented figures did not encompass certain recent gubernatorial approvals, these will be incorporated into the Quarter 3 performance review, providing a comprehensive view of the budget’s execution.
Paragraph 4: Addressing Economic Factors and Welfare Initiatives
In response to queries concerning increased state revenues, Commissioner Babatunde emphasized the importance of considering the broader economic context. While acknowledging the rise in federal allocations and internally generated revenue, he pointed out concurrent increases in state expenditures. These increases were attributed to factors like the implementation of the N80,000 minimum wage and consequential adjustments, mass recruitment in key sectors such as education and healthcare, and the pervasive impact of national inflation. Despite these challenges, the state’s budget outlook remains positive, with increased revenue being strategically channeled towards improving the welfare of Oyo State residents.
Paragraph 5: Sustainable Actions for Economic Recovery (SAfER) and Combating Inflation
The Commissioner highlighted the positive impact of the Sustainable Action for Economic Recovery (SAfER) program, particularly in mitigating food inflation. Oyo State recorded the lowest food inflation rate in the country in April, a success attributed to the timely agricultural inputs provided to farmers through the SAfER initiative. The program’s focus on supporting livestock, fishery, and crop production through the provision of necessary resources resulted in increased output and a subsequent decrease in food prices. This proactive approach effectively addresses a crucial component of the inflation basket and contributes to overall economic stability.
Paragraph 6: Future Focus and Continued Investment in Key Sectors
Looking ahead to the next six months, the Oyo State government plans to intensify its focus on the four pillars of its development agenda: education, security, welfare, and infrastructure. Significant investments are underway in the education sector, with N10 billion allocated for the first phase of school rehabilitation projects across the state. Security remains a priority, with substantial resources dedicated to safeguarding lives and property, fostering a conducive business environment. The government plans to further enhance the welfare of its citizens through another phase of the SAfER program, earmarking N5.4 billion to support small and medium enterprises, various agricultural sub-sectors, transportation, and healthcare systems. These targeted investments aim to stimulate economic growth, improve public services, and elevate the quality of life for all residents of Oyo State.
