Osun State Government has presented the analysis of the Four Hundred and Twenty-Seven Billion, Seven Hundred and Forty-Six Million, Nine Hundred and Twenty-Five Thousand, One Hundred and Seventy Naira (N427,746,925,170.00) budget for 2025 fiscal year.
The Commissioner for Economic Planning, Budget and Development in the state, Moruf Adeleke, explained that the budget is tagged: “Budget of Sustainable Growth and Transformation” because Adeleke’s administration had engendered growth in the state in his two years in office and would be sustaining the development recorded so far with the latest budget.
He added that the budget was crafted to fast-track the revitalisation of various sectors of the State economy by putting the State on the path of sustainable development and focusing on education, health, sports, roads, agriculture, creative industry, digital economy, and general infrastructure alongside women and youth programmes and policies.
Explaining the reason for the significant upsurge of 56 per cent in the 2025 budget as against the 2024 budget, Adeleke mentioned that the rise was influenced by macro-economic variables such as inflation rate, GDP growth rate, exchange rate, oil price, as well as the citizens’ needs.
He said the budget aimed at achieving the government policy through the implementation of the 5-point Development Agenda of Adeleke’s administration.
“The 2025 approved budget has a total size of Four Hundred and Twenty-Seven Billion, Seven Hundred and Forty-Six Million, Nine Hundred and Twenty-Five Thousand, One Hundred and Seventy Naira (N427,746,925,170.00) only. Of this amount, Two Hundred and Fifty-One Billion, Six Hundred and Seventy Million, One Hundred and Sixty – Seven Thousand, Nine Hundred and Ninety Naira (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.
“One Hundred and Nine Billion, Eight Hundred and Seventy Million, Nine Hundred and Thirty-Two Thousand, Eight Hundred
and Thirty Naira (N109,870,932,830.00) is expected from Internally Generated Revenue (IGR), while Thirty-Six Billion, Two Hundred and Four Million, Six Hundred and Ninety-Nine Thousand, Two Hundred and Thirty Naira (N36,204,699,230.00) from other capital receipts as well as Thirty Billion, One Million, One Hundred and Twenty-Five Thousand, One Hundred and Twenty Naira (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 Two Hundred and Thirty-Six Billion, One Hundred and Ninety-Seven Million, Seven Hundred and Eighty-Two Thousand, Nine Hundred Naira (N236,197,782,900.00) and One Hundred and Ninety-One Billion, Five Hundred and Forty-Nine Million, One Hundred and Forty-Two Thousand, Two Hundred and Seventy naira (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 One Hundred and Two Billion, Eight Hundred and Ninety-Five Million, Eight Hundred and Twenty-One Thousand, Ter Naira (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 One Hundred and Four Billion, Three Hundred and One Million, Four Hundred and Forty-Nine Thousand Six Hundred and Sixty Naira (N104,301,449,660.00) and service of the previous Administrations’ debt amounting to Twenty-Nine Billion, Five Hundred and Twelve Thousand, Two Hundred and Thirty Naira (N29,000,512,230.00).
These give a total of One Hundred and Thirty-Three Billion, Three Hundred and One Million, Nine Hundred and Sixty-One Thousand Eight Hundred and Ninety Naira (N133,301,961,890.00), representing 31% of the total budget size.
“The capital expenditure is One Hundred and Ninety-One Billion, Five Hundred and Forty-Nine Million, One Hundred and Forty-Two Thousand, Two Hundred and Seventy Naira (N191,549,142,270.00) which constitutes 45% of the total budget size,” Adeleke disclosed.
According to the commissioner, “the Osun State Government is dedicated to strategically investing in infrastructure, technology, health, education, security and other key sectors that drive growth, ultimately boosting economic development and creating new job opportunities within the State.”
Adeleke urged residents to cooperate with the revenue generating agencies, in order to achieve the developmental goal of the state, insisting that proper enforcement towards generating revenue could also be encouraged to block revenue leakages.
Giving sectoral breakdown of the budget, Adeleke said N59,162,109,140.00 has been allocated to Governor’s Office which is otherwise known as Governance and Administration Sector.
He said the governor’s office comprises of some ministries, several agencies, bureaus and units, adding that the money is not only meant for Governor Adeleke as some people claim.
