By Dada Ahmed in Lokoja.
Governor Ahmed Usman Ododo of Kogi State on Friday presented a balanced 2025 budget of over N582.4 billion to the State House of Assembly for consideration and approval.
The budget, themed the “2025 Budget of Inclusive Development,” marks the first submission by Governor Ododo since assuming office on January 27, 2024.
In his address at the Assembly chambers, the governor outlined the budget’s total allocation of N582,404,119,489, with recurrent expenditure accounting for N279.6 billion (48.01%) and capital expenditure set at N302.8 billion (51.99%).
On sectoral allocations,the budget breakdown includes:
Administration allocated over N120 billion (20.61%),Economic Sector,more than N227 billion (39.12%),Law and Justice, over N23 billion (4.08%) and
Social Sector more open N210 billion (36.19%).
Governor Ododo emphasized the budget’s focus on enhancing internally generated revenue (IGR) to reduce dependence on external funding.
He assured that debt repayment would be prioritized, with an aggressive approach to fulfilling the state’s financial obligations to free up resources for development.
The governor further expressed optimism the budget, when approved, would create a conducive environment for business, development partners, and private sector investors through public-private partnerships (PPP),to drive growth and attract investments.
On revenue optimization,the governor highlighted measures to block revenue leakages and ensure efficient utilization of resources.
He also noted the administration’s commitment to completing ongoing projects while introducing new initiatives aligned with the State Development Plan (2024).
“This budget aims to promote economic growth, reduce financial burdens, and foster a business-friendly environment for investors and partners,” Ododo stated.
On macroeconomic assumptions,he outlined key assumptions guiding the 2025 budget, including National inflation projected at 31.30% but recorded at 32.70%,Real GDP growth estimated at 3.10% but actualized at 3.19%.
Others are;Oil production at 1.5 MBPD versus the actual 1.3 MBPD,Oil price benchmark set at $77.96 per barrel, with the actual figure at $83.51and NGN/USD exchange rate projected at N1,500 but standing at N1,696
While reviewing and appraising the 2024 budget of over N406 billion, the governor said the implementation of the budget enable the administration to achieve remarkable successes in education, infrastructure, and healthcare among others.
“We invested over N10 billion in the Agriculture sector,to boost agricultural production and food security,create employment and reduce inflation,”Ododo disclosed.
He also noted the successful implementation of the N72,000 new minimum wage for civil servants in October 2024, making Kogi State one of the first to adopt the new wage.
In his speech, the Speaker of the State Assembly, Rt. Hon. Aliu Umar Yusuf, praised the collaborative relationship between the executive and legislature.
He commended the governor’s support for the Assembly, citing infrastructure improvements and additional subvention among others.
The speaker urged heads of ministries, departments, and agencies (MDAs) to cooperate fully members of the Assembly during the budget defense process, emphasizing the Assembly’s sacred responsibility in scrutinizing the budget.
Our correspondent reports that many top government officials accompanied governor Ododo to the occasion.
