Governor Seyi Makinde of Oyo State, on Tuesday, presented a budget of N434.2 billion for 2024 to the State House of Assembly for consideration and approval.
According to Makinde, the budget is made up of N222.3 billion for capital expenditure, and N211.8 billion for recurrent expenditure.
Presenting the budget tagged: “Budget of Economic Recovery”, the governor said the capital expenditure is 2.4 percent 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 six billion Naira monthly.
The education sector gets the highest share of the budget with N90.6 billion (20.8 percent) of the budget, followed by Infrastructure which gets N74.3 billion (17.1 percent) of the appropriation bill.
The health sector takes the third position with N40. 9 billion, which is 9.4 percent and Agriculture has N15. 8 billion, is 3.6 percent of the total budget proposal.
He promised that the 2024 budget would cover projects, policies and actions “which when implemented will cushion the effect 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 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.