The Osun State Government has allocated a sum of N11,371,504,490 from the N427,746,925,170 2025 budget to the Agriculture, Commerce and Industry sectors.
New Telegraph recalls that Governor Ademola Adeleke signed the 2025 budget tagged Budget of Sustainable Growth Development and Transformation into law after the State House Assembly added N37,718,647,430 to accommodate citizens’ needs.
Speaking on Thursday, during the budget analysis, Commissioner for Economic Planning, Budget and Development, Prof. Ademola Adeleke Moruf, said that the Budget of Sustainable Growth and Transformation was crafted to fast-track the revitalisation of various sectors of the State economy.
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 Councils, and Market Women and Men Associations.
According to him, “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 while the capital expenditure is N191,549,142,270.00 which constitutes 45% of the total budget size.
