Oyo State Pumps N5.4 Billion into “SAfER” Phase II to Boost Economy, Help Citizens!
Ibadan, Oyo State – The Oyo State Government is doubling down on its efforts to ease economic burdens and stimulate growth, announcing a significant allocation of N5.4 billion for the second phase of its impactful Sustainable Actions for Economic Recovery (SAfER) initiative.
This substantial funding will be strategically directed towards key areas vital for the state’s progress and the well-being of its citizens. The focus areas include:
Empowering Small and Medium-sized Enterprises (SMEs): Providing crucial support to local businesses to help them thrive, create jobs, and contribute to the local economy.
Boosting Agricultural Productivity: Investing heavily in farming, particularly in livestock, fishery, poultry, and crop production, to enhance food security and support farmers across the state.
Improving Essential Infrastructure: Upgrading crucial healthcare and transportation systems to ensure better services and easier movement for residents.
The announcement was made by Professor Musibau Babatunde, the State Commissioner for Budget and Economic Planning, during a presentation of the 2025 Mid-Term Revenue and Expenditure Performance Report held in Ibadan on Wednesday.
SAfER: A Shield Against Economic Hardship
Commissioner Babatunde explained that the SAfER program was first launched in 2023 specifically to help residents cope with the economic challenges that arose after the removal of the fuel subsidy. The second phase aims to build on the initial successes and further improve the lives of people in Oyo State.
“The N5.4 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 reiterated.
Transparency at the Forefront
In a move to foster greater transparency and accountability, the Oyo State Government is regularly presenting its budget performance reports. Professor Babatunde highlighted that these presentations serve as a vital feedback mechanism, allowing the government to assess the budget’s implementation across various ministries and agencies, and to address any challenges or seize new opportunities.
He noted that Civil Society Organizations (CSOs) had previously requested more regular feedback on budget performance. In response, the Governor approved a quarterly performance review of the budget, showcasing the administration’s commitment to open governance and ensuring public input beyond just the budget preparation stage.
Strong Budget Performance in Q1 & Q2 2025
Presenting the report for the first two quarters of 2025, the Commissioner revealed that Oyo State has achieved an impressive 80% revenue performance. In terms of spending, they’ve managed to utilize around 69% of their projected expenditure for the period.
Babatunde acknowledged that while the state has seen an increase in federal allocations and its Internally Generated Revenue (IGR), expenditures have also risen. This increase in spending is attributed to factors like the new minimum wage for workers, the mass recruitment of teachers, civil servants, and healthcare professionals, and the broader impact of rising inflation across the country.
Despite these challenges, he stressed that the state’s budget outlook remains positive, with increased revenue directly translating into increased spending aimed at improving the welfare of all Oyo State residents. This proactive approach underscores the government’s commitment to economic development and the welfare of its citizens.
Join Our Social Media Channels:
WhatsApp: NaijaEyes
Facebook: NaijaEyes
Twitter: NaijaEyes
Instagram: NaijaEyes
TikTok: NaijaEyes
