Economy

OYHA Approves 2025 Capital Budget Proposals

By Web News 142

By Mosope Kehinde

The Oyo State House of Assembly has approved the 2025 capital budget proposals of 33 local government areas in the state.

This became imperative ahead of the proposed financial autonomy for Local Governments.

The approval was made when the report of the House Committee on Local Government, Chieftaincy Matters and State Honours was presented by its Chairman, a member representing Lagelu constituency, Mr Akintunde Olatunde.

The budget approval was aimed at streamlining expenditures of all the 33 Local Government areas of Oyo State for probity and accountability to enable them to deliver on their mandates.

The committee urged all the Local governments to adhere to the approved capital expenditures so as to ensure compliance with the Constitution and the Local Governments Law.

The Speaker, Oyo State House of Assembly, Mr. Adebo Ogundoyin, said the approval of the local governments’ budget is a significant step towards promoting transparency and accountability in governance.

Subscribe to our Telegram and YouTube Channels, and also join our WhatsApp Update Group.

Economy

President Tinubu Signs 2025 Budget into Law

By Web News 411

President Bola Tinubu has signed into law the 54.99 trillion naira 2025 Appropriation Bill.

The signing ceremony took place on Friday in the President’s office at the State House, Abuja, in the presence of principal officers of the National Assembly and other top government officials.

The bill was passed by the two Chambers of the National Assembly on Thursday, February 13, after President Tinubu requested an increase from the initially proposed 49.7 trillion naira.

The approved budget of 54.99 trillion naira exceeds the President’s initial proposal of 54.2 trillion naira.

The budget is based on key economic assumptions, including a crude oil production target of 2.06 million barrels per day at a benchmark price of $75 per barrel.

The increase in the budget reflects additional anticipated revenues from agencies such as the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS).

The 2025 budget aims to address critical areas, including security, infrastructure, education, and health.

Notably, $200 million has been allocated to mitigate the impact of recent reductions in U.S. health aid.

The Punch/Maxwell Oyekunle

Subscribe to our Telegram and YouTube Channels and also join our WhatsApp Update Group.

Economy

Adeleke to Spend Over N11B on Agriculture, Commerce and Industry in 2025

By Web News 321

By Mojisola Oladele

Osun State Government said N11,371,504,490 would be carved out from the N427,746,925,170.00 budget of 2025 to cater for the Agriculture, Commerce and Industry sectors.

The state Commissioner for Economic Planning, Budget and Development, Professor Moruf Adeleke made this known to newsmen in Osogbo.

Professor Adeleke said that the Budget of Sustainable Growth and Transformation was crafted to fast-track the revitalization process of the sectors, to boost the economy of the state. 

According to Professor Adeleke, “The 2025 budget was predicated on Government policies and influenced by macro-economic variables such as inflation rate, GDP growth rate, exchange rate, oil price, as well as the citizens’ needs, leading to a significant upsurge of 56% as against the 2024 budget.”

He maintained that the present administration led by Senator Ademola Adeleke, is focusing on agriculture, creative industry, digital economy, education, health, sports, roads, and general infrastructure alongside women and youth programmes and policies.

Professor Adeleke said that the budget process was carefully and meticulously done with stakeholders, among Civil Society Organizations, CSOs, Members of Traditional Council, Market Women and Men Associations.

“The Osun State Government initially presented a proposed budget of N390,028,277,740.00 which was later increased by N37,718,647,430.00) bringing the total budget to a sum of N427,746,925,170.00 to accommodate the increasing citizens’ needs.” Professor Adeleke explained further

Professor Adeleke added “The 2025 approved budget has a total size of N427,746,925,170.00. N251,670,167,990.00 is expected to come from the Federation Accounts Allocation Committee (FAAC) consisting of Statutory allocation, Value Added Tax, Exchange Rate Gain, Ecological Fund, Electronic Money Transfer Levy and other revenue from FAAC”

Recalled that Governor Ademola Adeleke signed the 2025 budget tagged ” Budget of Sustainable Growth Development and Transformation” into law after Osun State House Assembly added N37,718,647,430 to accommodate citizen’s needs.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

2025 budget will play key role towards economic prosperity – Makinde

By Web News 498

By Iyabo Adebisi

Governor Seyi Makinde has signed the Oyo State 2025 Budget into law, with assurance that the budget would play a key role in the state’s economic prosperity. 

Speaking at the signing ceremony held at the Executive Chamber, Governor’s office, Ibadan, Governor Makinde reassured the people of the state that his administration would continue to push for reforms, policies and economic civilization. 

He expressed optimism that the signing of the 2025 Appropriation Bill of 684 billion naira would foster growth, enhance infrastructure, and improve the livelihoods of residents.

The governor said the new 80,000 naira minimum wage had been captured in the 2025 budget and its implementation would commence by January 2025.

Governor Makinde called for continued support for his administration, pledging that his government would continue to be transparent in its dealings. 

Earlier, the Speaker, Oyo State House of Assembly, OSHA, Mr Adebo Ogundoyin, said the upward review of the budget from 678 billion naira to 684 billion naira was a deliberate effort to accommodate emerging priorities and critical projects.

Mr Ogundoyin said the emerging priorities and critical projects would drive the state’s economic growth, improve infrastructure, and enhance the overall quality of life of citizens.

The speaker said the lawmakers were committed to working collaboratively with other arms of government to implement policies and programmes for economic growth.

The governor had on November 13 presented a 2025 budget proposal of 678 billion naira to the Oyo State House of Assembly for approval.

The state legislature after its legislative considerations jacked up the budget by an additional 6 billion naira, which raised the total budget to 684 billion naira.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

2025: Tinubu Presents ₦49.7trn Tagged Restoration Budget to NASS

By Web News 454

President Bola Tinubu, on Wednesday, presented a total budget of N49.7tn to the joint session of the National Assembly.

The budget tagged, “Restoration budget, securing peace and building prosperity.”

Tinubu noted that the budget seeks to restore macroeconomic growth and build the economy.

He commended the resilience of Nigerians amid growing economic indices

“In the year 2024, it was projected at 3.2%, and against predictions of our country, we have made significant progress. Our economic economy grew by 3.46%. The improvement we have witnessed in the year 2024 budget has led all of us into the 2025 budget.”

The president told the joint Assembly of the National Assembly that inflation will decline according to the budget projections.

He also pledged a reduction in Foreign Exchange.

He said, “The budget projects inflation will decline from the current rate of 34.6% to 15% next year. The exchange rate will improve from approximately N1700 per dollar to N1500 and the base crude oil production assumption of 2.06 barrels per day.

“The projections are based upon the following observations. Reduce the importation of petroleum products alongside increased exports of finish, petroleum products, and bumper harvest, driven by enhanced security, reducing reliance on food imports, and increasing foreign exchange influence through foreign portfolio investments.

“I have crude oil output an export coupled will substantial reduction and upstream oil and gas production costs.”

Giving the breakdown, Tinubu stated that Health “Defence and Security will gulp, N4.91tn; Housing, N4.06tn; Health, N2.48tn and Education, 3,58tn.”

He assured Nigerians that the time for lamentation is over and the time to act is now.

Laying the budget, he said, “I hereby lay down the 2025 budget before the National Assembly, titled, ‘Restoration budget, securing peace and building prosperity.”

Punch/Adetutu Adetule

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

OSHA Urges Members to Continually Update Public on Government Activities

By Web News 381

By Mojisola Oladele 

The Osun State House of Assembly wants the Ministry of Information and Public Enlightenment as well as the State Broadcasting Corporation, OSBC to keep the Public abreast of government activities and achievements in the state.

The Chairman House of the Assembly Committee on Finance and Appropriation, Mr Saheed Fatunmise and The Chairman, of the House Committee on Media and Public Affairs, Prince Adekunle Oladimeji, gave the advice during the ongoing 2025 budget defense exercise, held at the Assembly Complex, Osogbo.

They described the media as a platform for reliable information, hence, the need for the Ministry to ensure the dissemination of facts and truth to the public.

The Lawmakers emphasized the need for the Ministry to embrace Digital Billboards as another means of information dissemination and cautioned against leakages of government revenue, and also urged the State Ministry of Agriculture and Food Security to ensure proper use of the newly procured tractors and other farm implements to attain food sufficiency across the state.

Exchanging views with Parliamentary Reporters, the Special Adviser to the Governor on Asset Management, Mrs Fausat Bolanle Adebanjo advised people to desist from encroaching into government lands.

Other Ministries Departments and Agencies, MDAs who appeared before the Budget Defense Committee including; the Ministry of Transportation, 

Osun State Agricultural Development Corporation, OSSADEC, Osun State Agricultural Programme, OSSADEP,  Ministry of Lands and Physical Planning, Office of the Surveyor-General, Osun State Capital Territory Development Authority, Osun State Property Development Corporation and Osun Assets Management Agency.