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Makinde signs revised 2021 budget into law
Oyo state governor, Engr. Seyi Makinde signed the N268.8 Billion revised 2021 budget into law, just as he assured that it will consolidate his administration’s infrastructure initiatives.
Governor Makinde, who gave the assurance on Monday while signing the budget at the Executive Council Chamber of the Governor’s Office, said that real implementation of the budget would commence in earnest, as, according to him, the state is targeting at least 70 per cent implementation.
According to him, there is a lot to look forward to in terms of dividends of democracy by the people of the state in 2021.
He added that the state was poised to complete many of its infrastructure works in the new year.
The governor appreciated members of the Oyo State House of Assembly for approving the 2021 budget in a timely manner, adding that the synergy between all the arms of government in the state has made the governance process easier for everyone.
It will be recalled that Mega Icon Magazine had earlier reported that Governor Makinde withhold his signature from a N273.7billion increased budget recently sent to him by the Oyo State House of Assembly.
The report also revealed that the proposed budget for the 2021 fiscal year, tagged: “Budget of Continued Consolidation,” which was a total of N266.6billion when presented recently by Governor Makinde was increased to the tune of N273.7 Billion by the States’ lawmakers.
Continuing, the House of Assembly approved and passed the sum of N273.7billion, late night on Tuesday.
The Oyo State House of Assembly, however made a U-turn on Friday and passed the sum of N268.8 billion as the 2021 appropriation against N273.7 passed earlier in the week.
But the governor dispelled this describing it as insinuations that the House of Assembly padded the budget and that the Executive rejected it and forced a revision, adding that the rumour was simply untrue.
“It is certainly not Uhuru, but we will continue to do our best to make things work in our dear state. It is a budget of continued consolidation, so we continue to ask for your support as we undertake various projects this coming fiscal year,” the governor said.
He added: “Today, we are signing into law our Budget of Continued Consolidation. This completes the first phase of the process for the 2021 fiscal year budgeting. First, we got the good people of Oyo State involved in the budgeting process through the town hall meetings, then we prepared the budget and passed it on-to the state’s House of Assembly for approval.
“After this signing, the real work of implementation begins.”
Governor Makinde stated that the 2020 budget fell short of the 70 per cent target but recorded a performance that was a little above average at 50.32 per cent due to the impact of the COVID-19 pandemic and the economic meltdown occasioned by the fall in oil prices.
“We met a lot of our goals because we used the Alternative Project Funding Approach (APFA), and the Contractor’s Project Financing Scheme to finance many projects. We also made use of targeted loans for project financing. Of course, the reward for hard work is more work. So, for the 2021 fiscal year, we will continue to be innovative and creative in our approach to financing.”
He noted that the government will “work harder and smarter next year to ensure that we meet our performance target of at least 70 per cent.”
Governor Makinde promised to explore alternative finance models in 2021, stating that projects which the House of Assembly saw as imperative as well on-going ones would be implemented.
“As already mentioned, we have some alternative finance models which we will be exploring in 2021. So, these projects, which the House saw as imperative, will still be implemented. However, we will carry out those projects without incurring higher interest on loans or negatively impacting Oyo State’s economic policies and budget performance.
“Let me also quickly add that with Nigeria staring at a second wave of the COVID-19 pandemic, we just have to remain prepared for eventualities. Some countries are already thinking of a second lockdown. But if we play our part, by observing all the guidelines provided by the Oyo State COVID-19 Task Force, we might weather this second wave without considering a lockdown.
“Be that as it may, we continue to maintain a positive outlook for 2021. Many of the projects we started in 2020 have less than 18-month cycles. So, we will see a good number of projects initiated by our administration completed in 2021.
For example, the 65km Moniya-Ijaiye-Iseyin Road, 21km Airport Road- Ajia-New Ife Express Road with a spur to Amuloko, and perhaps even the Idi Ape-Basorun-Akobo-Odogbo Barracks road, should be completed in 2021.
“By God’s grace, we will watch our first match in the upgraded Lekan Salami Stadium at Adamasingba in 2021. We will even commission the bus terminals all around Oyo State. Those who lost their stores, this year, as a result of the inferno at Akesan Market, will be happy to move back to the rebuilt market with better facilities next year,” Governor Makinde added.
The Federal Account Allocation Committee (FAAC) has distributed a total revenue of N1.678 trillion among the federal, state, and local governments for February 2025.
The revenue distribution was announced in a statement issued on Saturday by the Director of Press and Public Relations, Bawa Mokwa. The allocation was finalised at the March 2025 FAAC meeting in Abuja, which was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and attended by the Accountant General of the Federation, Shamseldeen Ogunjimi.
Breakdown of Distributable Revenue
The total distributable revenue of N1.678 trillion comprised:
Statutory revenue – N827.633 billion
Value Added Tax (VAT) revenue – N609.430 billion
Electronic Money Transfer Levy (EMTL) revenue – N35.171 billion
Solid Minerals revenue – N28.218 billion
Augmentation – N178 billion
According to the FAAC communiqué, the total gross revenue available for February 2025 was N2.344 trillion. Deductions for the cost of collection amounted to N89.092 billion, while transfers, interventions, refunds, and savings stood at N577.097 billion.
The communiqué also revealed that gross statutory revenue for February 2025 was N1.653 trillion, which was N194.664 billion lower than the N1.848 trillion recorded in January 2025. Similarly, gross VAT revenue fell from N771.886 billion in January to N654.456 billion in February, reflecting a decrease of N117.430 billion.
Revenue Allocation to Tiers of Government
From the total N1.678 trillion distributable revenue:
Federal Government received – N569.656 billion
State Governments received – N562.195 billion
Local Government Councils received – N410.559 billion
Derivation revenue (13% of mineral revenue) to benefiting states – N136.042 billion
Allocation from Statutory Revenue (N827.633 billion)
Federal Government – N366.262 billion
State Governments – N185.773 billion
Local Government Councils – N143.223 billion
Derivation revenue (13%) – N132.374 billion
Allocation from VAT Revenue (N609.430 billion)
Federal Government – N91.415 billion
State Governments – N304.715 billion
Local Government Councils – N213.301 billion
Allocation from EMTL Revenue (N35.171 billion)
Federal Government – N5.276 billion
State Governments – N17.585 billion
Local Government Councils – N12.310 billion
Allocation from Solid Minerals Revenue (N28.218 billion)
Federal Government – N12.933 billion
State Governments – N6.560 billion
Local Government Councils – N5.057 billion
Derivation revenue (13%) – N3.668 billion
Allocation from Augmentation (N178 billion)
Federal Government – N93.770 billion
State Governments – N47.562 billion
Local Government Councils – N36.668 billion
Revenue Trends and Economic Outlook
The FAAC report highlighted a significant increase in Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL) revenues for February 2025. However, there were declines in Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty, and CET Levies compared to the previous month.
… Assures Prompt Salary Payment
The Sole Administrator of Rivers State, Ibok-Ete Ibas, has announced the release of withheld local government allocations, assuring that necessary steps would be taken to ensure the prompt payment of workers’ salaries.
Ibas disclosed this on Thursday during a meeting with Heads of Local Government Administrators in Port Harcourt, describing the engagement as a crucial step towards restoring stability and progress in the state.
He lamented the economic hardship in the Niger Delta, noting that despite the region’s wealth of natural resources, many of its people continued to suffer.
“This is unacceptable,” he said, stressing the need for transformation and financial accountability.
The administrator expressed concern over the delay in salary payments across local government areas, acknowledging the struggles of affected workers.
“I feel the pain of the workers,” he stated, assuring them that the withheld allocations had been released and that his administration would ensure prompt payment of salaries.
However, he warned that financial discipline would be strictly enforced, directing all local government areas to submit their wage bills with supporting documents through the office of the Head of Service.
Ibas, a retired Vice Admiral and former Chief of Naval Staff, vowed to scrutinise public funds and take decisive action against mismanagement.
“Good governance is not just a slogan; it is a commitment to changing the negative narrative within the next six months,” he added.
He also emphasised the need for collaboration with traditional rulers and security agencies to enhance grassroots security.
“You must take the lead in ensuring security within your domains,” he charged local government administrators.
Reacting, the President of the Nigeria Union of Local Government Employees (NULGE) and Administrator of Port Harcourt Local Government Area, Clifford Paul, commended the Federal Government for appointing Ibas, attributing the decision to his leadership competence.
He urged the administrator to prioritise workers’ welfare, stating that local government workers were currently owed two months’ salaries.
“With the release of the withheld allocations, we are hopeful that workers will receive their entitlements soon,” he said.
Paul further called on stakeholders to seize the opportunity to rebuild trust and foster unity in the state.
President Bola Tinubu has sworn in Vice Admiral Ibok-ete Ibas (rtd.) as the Sole Administrator of Rivers State, following a brief meeting at the Presidential Villa on Wednesday afternoon.
Ibas’ appointment comes a day after Tinubu, in a nationwide broadcast, declared a state of emergency in Rivers State and suspended Governor Siminalayi Fubara, Deputy Governor Ngozi Odu, and all members of the Rivers State House of Assembly.
The President cited Section 305 of the 1999 Constitution as the legal basis for his action, stating that he could no longer stand by as the political crisis in the state escalated.
However, the suspension of Fubara and other elected officials has sparked widespread condemnation. Former Vice President Atiku Abubakar, Labour Party’s Peter Obi, senior lawyer Femi Falana (SAN), the Peoples Democratic Party (PDP), the Nigerian Bar Association (NBA), and several civil society groups have rejected the move, describing it as unconstitutional and undemocratic.
In contrast, the pro-Nyesom Wike faction of the Rivers State Assembly, led by Martins Amaewhule, has praised Tinubu’s decision, accusing Fubara of disregarding a Supreme Court ruling related to the state’s political crisis.
Vice Admiral Ibas, a retired naval officer, previously served as Chief of Naval Staff from 2015 to 2021 under President Muhammadu Buhari. Born in Cross River State, he attended the Nigerian Defence Academy in 1979 and went on to have a distinguished military career, rising to the highest ranks in the Navy.
He is a member of the Nigerian Institute of International Affairs (NIIA) and the Nigerian Institute of Management. In 2022, Buhari conferred upon him the national honour of Commander of the Federal Republic (CFR) in recognition of his service.
Ibas now assumes leadership of Rivers State amid a deeply divided political landscape, with tensions running high over the legality and implications of the emergency rule.
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