Oyo State Governor, Seyi Makinde on Tuesday presented a budget of N434. 2 billion for 2024 to the State House of Assembly for consideration and approval.
N222.3 billion which represents 51.2% of the total budget is allocated to capital expenditure while recurrent expenditure takes 48.8% (N211.8b).
Presenting the budget tagged: “Budget of Economic Recovery”, the governor said the capital expenditure is 2.4 per cent higher than the recurrent expenditure.
He added that the 2024 budget was estimating an increased Internally Generated Revenue of N72 billion with an average of N6 billion monthly.
Education gets the highest share of the budget with N90.6 billion or 20.8 per cent of the budget, followed by Infrastructure which gets N74.3 billion or 17.1 per cent of the appropriation bill.
The health sector takes the third position with N40. 9 billion, that is 9.4 per cent and Agriculture has N15. 8 billion, that is 3.6 per cent of the total budget proposal.
He promised that the 2024 budget would cover projects, policies and actions “which when implemented will cushion the effect t of the hardship the people are facing as a result of fuel subsidy removal.”
Makinde further said that his administration would continue to use technology to block loopholes, saying his government has no plan of increasing tax.
He urged the House of Assembly to see to the speedy passage of the budget proposal for the state economic’s growth and benefit of the people of Oyo State.
Responding after the presentation, Speaker of the House of Assembly, Mr ‘Debo Ogundoyin (PDP Ibarapa East) assured the governor of speedy consideration of the Appropriation Bill.By David Adeoye(NAN)
