Oyo State Governor, Seyi Makinde, on Tuesday, presented a budget of over N434.2 billion to the state House of Assembly for the 2024 fiscal year.
The figure is made up of a capital expenditure of N222,337,320,199.85 and a recurrent expenditure of N211,884,445,728.95.
He christened it “Budget of Economic Recovery,” as education got highest share of N90,664,994,252 (20.88 per cent); followed by infrastructure which got N74,316,325,706 (17.11 per cent); health has N40,998,197,758.30 (9.44 per cent) and agriculture with N15,848,707,310.80 (3.65 per cent).
Makinde added that the budget was estimating an increased Internally Generated Revenue of N72 billion with an average of N6 billion monthly.
The governor said, “The capital expenditure is 2.4 per cent higher than the recurrent expenditure. The government will continue to use technology to block loopholes as done in the previous years. The budget will 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.”
Responding, the Speaker of the State House of Assembly, Rt. Hon. Adebo Ogundoyin reiterated the commitment of the state legislature to fully implement the budget.
The speaker, who assured the governor of an accelerated passage of the 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.
He said, “One of our key duties is to oversee the implementation of the 2024 budget. Parliamentary oversight is a crucial pillar for creating credibility in budgeting and in holding the government accountable.
“The Budget of Economic Recovery which has just been presented was packaged to facilitate the completion of all ongoing projects and take care of other social services.
“May I again commend this administration for not concentrating the entire project in the state capital alone but touching other towns in the spirit of togetherness.”
He urged the governor to fast-track the completion of the Ido-Eruwa road and other ongoing road projects across the state to bring more dividends of democracy to the people of the state.