The Oyo State Government has earmarked N5.4 billion for the second phase of its Sustainable Actions for Economic Recovery (SAfER) initiative.
The funds will be directed towards strengthening small and medium-sized enterprises (SMEs), boosting agricultural productivity, particularly in livestock, fishery, poultry, and crop production, and enhancing healthcare and transportation infrastructure across the state.
The announcement was made by the State Commissioner for Budget and Economic Planning, Prof. Musibau Babatunde, during the presentation of the 2025 Mid-Term Revenue and Expenditure Performance Report held on Wednesday in Ibadan.
Babatunde explained that SAfER, introduced in 2023, was developed to mitigate the economic hardship faced by residents following the removal of fuel subsidy.
He reiterated that the second phase of the programme would build on the initial gains and further improve the lives of the residents of the state.
“TheN5.4 billion would be deployed towards supporting small and medium enterprises; farmers with a focus on livestock, fishery, poultry, and crop production in the state. Part of the money would be expended on transportation and healthcare systems,” he said.
Speaking on the essence of the event, Babatunde explained that the presentation of the budget performance would provide a feedback mechanism on the challenges and opportunities of the budget.
He added that the budget performance presentation would create a chance to assess the 2025 Budget implementation across the various Ministries, Agencies, and Departments.
“During the last stakeholders’ budget meeting in 2024, held ahead of the 2025 Budget preparation, we had a request from the Civil Society Organizations that it should not just be at the point of preparing for the budget that they would have inputs.
“They also want feedback on the budget performance across the various quarters of the implementation of the budget.
“The governor subsequently approved the request for a quarterly performance review of the budget, as further proof for his administration’s commitment to openness and transparency in the budget process,” he said.
The commissioner, while presenting the report of the implementation of quarters 1 and 2 of the 2025 budget performance, said that the state had been able to achieve about 80% revenue.
“Also, in terms of expenditure, we have been able to do around 69% of expenditure pro rata, too. This shows the fact that the outlook is quite interesting.
“This actually doesn’t even include some of the approvals that the governor has given, but those ones will be covered and captured in quarter 3 of the 2025 budget implementation,” he stated.
Babatunde further explained that, though there has been an increase in federal allocations and internally generated revenue, the state’s expenditures have also gone up.
He attributed this to the new minimum wage for workers, mass recruitment of teachers, civil servants, and health workers, as well as the rising inflation cost in the country.
He attributed this to the new minimum wage for workers, mass recruitment of teachers, civil servants, and health workers, as well as the rising inflation cost in the country.
He stressed that the state’s budget outlook was good and that the increase in revenue had also culminated into increased spending aimed at improving the welfare of the residents.