The Osun State government has raised its 2025 budget from N390 billion to N427 billion, marking a 56% increase over the 2024 fiscal year.
Governor Ademola Adeleke initially presented a N390 billion budget to the Osun State House of Assembly, but it was revised upward by N37 billion. The increase, announced Thursday, is aimed at accelerating development across various sectors of the state’s economy.
Moruf Adeleke, Commissioner for Economic Planning, Budget, and Development, explained the budget’s increase in a press conference, highlighting the government’s commitment to fulfilling its promises to the people of Osun. He said the 2025 budget, titled Sustainable Growth and Transformation, is designed to expedite the revitalization of the state’s economy.
“The 2025 budget was shaped by government policies and influenced by macroeconomic factors such as inflation, GDP growth, exchange rates, and oil prices, alongside the needs of our citizens,” the commissioner said. “This led to the significant 56% increase over the 2024 budget.”
To fund the N427 billion budget, the state expects N251.7 billion from the Federation Accounts Allocation Committee (FAAC), N109.87 billion from Internally Generated Revenue (IGR), and N36 billion from capital receipts. The state also plans to use an opening balance of N30 billion.
A breakdown of the budget shows N109 billion allocated for infrastructure development, N59 billion for governance, and N46 billion for human capital investment. Other sectors receiving significant funding include healthcare (N31 billion), urban development (N31 billion), youth development (N13 billion), and agriculture (N7 billion).
Adeleke also indicated that the state’s N100 billion infrastructure plan is still under development. “Once completed, we will continue to provide more infrastructure for our people,” he said.
