…as gov prioritises education, infrastructure
Governor Seyi Makinde of Oyo State, Tuesday, presented a total budget of N434,221,765,938,79 (four hundred and thirty-four billion, two hundred and twenty-one million, seven hundred and sixty-five thousand, nine hundred and thirty-eight naira, and seventy-nine kobo) to the state house of assembly for the 2024 fiscal year.
The governor, during the budget presentation tagged: “Budget of Economic Recovery,” said capital expenditure took 222.3bn of 2.4% of the budget, while total recurrent expenditure carried 211.8bn.
Education took the largest share of the budget allocation with 90.6 billion, or 20 per cent of the total budget, while 74.3 billion was budgeted for infrastructure, taking 17.11% of the 2024 appropriation.
Also in the breakdown, the health sector took 40.9 billion, or about 9.44%, with the agricultural sector getting 15 billion, or 3.65 per cent of the total budget.
Governor Makinde, who said an amount of 72 BN has been estimated as the state’s Internally Generated Revenue, IGR, promised the commitment of his administration to surpass the 70 per cent 2023 budget performance.
He disclosed that the budget is an opportunity for the administration to show responsiveness to current economic reality following the removal of fuel subsidy.
He said the government will continue to use technology to block loopholes, noting that, as done in previous years, the government has no plan to increase taxes but to expand the tax net for the state.
Makinde, however, assured that the budget will cover projects, policies, and actions that, when implemented, will cushion the effect of the hardship the people are facing as a result of fuel subsidy removal.
In his remark, the speaker of the assembly, Mr. Adebo Ogundoyin, said there was no doubt that the year 2024 will be a year of many opportunities and prosperities for the dear state, with the visionary leadership style of the governor and the unalloyed cooperation and support of the legislature under his watch.
“Let me assure the Governor and people of Oyo State that, as a House, we are always ready to perform our constitutional duty of lawmaking in particular and to also ensure that the Executive Arm of Government encounters no legal impediment in the performance of its functions for the overall welfare and wellbeing of the state and its residents.”
“Governor Seyi Makinde has refused to tow the previous turbulent order of brigandage and waste of public resources with impunity, ineptitude, and fraudulent practices in public service, but he has rather set out a new order of transformation towards sustainable development in the state.”
Ogundoyin then assured the governor of accelerated consideration of the budget while appealing to the commissioners whose ministries are involved in the execution of these projects to redouble their efforts to ensure early completion of the projects.