By Abidemi Samuel
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In his New Year message aired on the Broadcasting Corporation of Oyo State (BCOS), Governor Seyi Makinde acknowledged that Nigeria struggled with economic challenges throughout 2024, with inflation rates reducing the people’s spending power and dragging more people into poverty ¹. Despite these challenges, the governor expressed gratitude for the resilience of the people of Oyo State, who have faced economic hardships and social tragedies, including the Bodija incident and the Islamic High School stampede.
Governor Makinde emphasized that his administration will do more for the people of Oyo State in 2025, with a focus on increasing residents’ spending power and easing the economic strains they are currently facing ¹. He also pledged to enforce the rule of law across different sectors, with more stringent measures to be taken against traffic offenses in the state.
The governor’s commitment to addressing the economic challenges facing Oyo State is timely, given the devastating impact of inflation on poverty in Nigeria. As reported by Your Commonwealth, Nigeria’s food inflation rate soared to 40.9% in June 2024, a 25-year high, with the inflation rate reaching 33.9% in October 2024.
In 2025, Governor Makinde’s administration plans to embark on several projects aimed at boosting economic growth and reducing poverty in Oyo State. These projects include the upgrading of the Ibadan Airport to an international status, the construction of the first segment of the Ibadan Circular Road, and further education and enlightenment of residents.
As Governor Makinde noted, the year 2024 tested the resilience of the people of Oyo State, but with determination and decisive action, the state can overcome its economic challenges and achieve prosperity in 2025.
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