Seyi Makinde , Oyo state governor on Thursday presented the state’s 2023 Appropriation Bill to the state House of Assembly, proposing N310 billion for the 2023 fiscal year.
Tagged ‘Budget of Sustainable Development,’N154.34 billion is proposed as capital expenditure for the 2023 fiscal year which represents 49.79 percent of the total proposal.
According to Makinde , this is a marginal drop over last year’s 52.97 percent because our focus is on completing projects that we have already started rather than on starting new ones.
The proposed recurrent expenditure for the years stands at 50.21 percent which is N155.6bn.
“We have continued to use the tenets of the Federation’s Fiscal Sustainability Plan (FSP) as a guide in preparing our budget,” Makinde said.
At the presentation which had deputy governor,Bayo Lawal, representative of Chief Judge of Oyo State, Justice Iyabo Yerima, lawmakers, commissioners, government officials and traditional rulers in attendance, Makinde said the budget proposal is premised on the proposed IGR of N83.504 billion. “Our statutory allocation is capped at N50 billion while our VAT is capped at N60 billon, we also have other revenue streams as contained in the detailed budget proposal”.
“For this budget, we have continued to prioritise the four pillars of our Roadmap to Accelerated Development in Oyo State 2019-2023 saying that 27.65 percent of this budget proposal has been allocated to Infrastructure which is N85.737 billion.
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“This is not unexpected, we have always allocated more funds to infrastructure as a sure path to accelerated development, and we are continuing in that stride for sustainable development.
“Education has the second largest allocation with N58.213 billion, we have maintained our record of allocating funds for education that conform to UNESCO standards of 15-20 percent of the budget. This time, Education is 18.78 percent of the total budget proposal.
He also disclosed that the Healthcare budget proposal for the 2023 fiscal year is N36.358 billion.
“This is 11.73 percent of the total budget. You may notice that our allocation for Healthcare is about a 100% increase over last year’s allocation. The reason for this is the N22 billion concessionary loan from the French Government. This loan will be used for upgrading our primary and secondary healthcare facilities.
“I cannot end the highlights of this Budget of Sustainable Development without mentioning our proposed allocation to Agriculture of N11,198 billion which is 3.61 percent of our budget. With the support of development agencies in the form of grants and very low-interest loans, we can continue to sustain the accelerated development in the agricultural sector in Oyo State” he added.
Makinde stated that the policies and programmes carried out by the present administration and the projects embarked on led to going from a monthly IGR of about N1.700 billion in 2018 to a monthly average of about N3.300 billion and N5.100 billion in 2022.
