Governor Seyi Makinde on Tuesday presented a budget of N434.2 billion for 2024 appropriation bill to Oyo State House of Assembly for consideration and approval.
Tagged: “Budget of Economic Recovery, is made up of N222.3 billion for capital expenditure, and N211.8 billion for recurrent expenditure.
The governor said the capital expenditure is 2.4% higher than the recurrent expenditure.
In the budget estimate, education gets the highest share of the budget with N90.6 billion or 20.8% followed by Infrastructure which gets N74.3 billion or 17.1% of the appropriation bill.
The health sector takes the third position with N40. 9 billion, that is 9.4% and Agriculture has N15. 8 billion, that is 3.6% of the total budget proposal.
He said an amount of N72 billion had been estimated as the state internally generated revenue, promising the commitment of his administration to surpass the 7% in the 2023 budget performance.
While saying that the 2024 budget would cover projects, policies and actions, he added, ” 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 no plan of increasing tax but to expand the tax net for the state.
Earlier, Adebo Ogundoyin, Speaker of Oyo State House of Assembly, reiterated the commitment of the State legislature to full performance of their oversight functions in order to ensure the success and full implementation of 2024 budget as presented to the House by Governor Seyi Makinde.
The Speaker, who assured the Governor of an accelerated passage of the 2024 budget proposal, charged all Ministries, Departments and Agencies involved in the execution and implementation of the budget to redouble their efforts to ensure outstanding success.