The Osun State Government has allocated a whopping N11,371,504,490 to the Agriculture, Commerce, and Industry sectors from its 2025 budget of N427,746,925,170.
This move is part of Governor Ademola Adeleke’s efforts to fast-track the revitalization of various sectors of the state’s economy.
According to Prof. Ademola Adeleke Moruf, Commissioner for Economic Planning, Budget and Development, the 2025 budget, dubbed the “Budget of Sustainable Growth Development and Transformation.
Moruf stated that the present administration under Governor Adeleke is focusing on agriculture, creative industry, digital economy, education, health, sports, roads, and general infrastructure alongside women and youth programmes and policies.
He 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.
He said, “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.
“The budget aims at achieving the Government policy through the implementation of the 5-point Development Agenda of this Administration as listed below, which are in-line with the State Development Plans and Sustainable Development Goals.
“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.
“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.
“N109,870,932,830.00 is expected from Internally Generated Revenue (IGR), while N36,204,699,230.00 from other capital recepts as well as N30,001,125,120.00 being the estimated Opening Balance. All these make up the total inflow expected as revenue to the State.
“In the same vein, the Recurrent and Capital Expenditures stood at N236,197,782,900.00 and N191,549,142,270.00 at a ratio of 55% to 45% respectively.
“Having considered the minimum wage, the Personnel cost which forms part of the recurrent expenditure was estimated at N102,895,821,010.00 comprising Salaries, allowances, Salary arrears, social contributions, and social benefits. This represents 24% of the budget size.
“The other recurrent expenditure which is made up of Non-debt of N104,301,449,660.00 and service of the previous Administrations’ debt amounting to N29,000,512,230.00. These give a total of N133,301,961,890.00, representing 31% of the total budget size.
“The capital expenditure is N191,549,142,270.00 which constitutes 45% of the total budget size.”
