Oyo state Governor Seyi Makinde has presented a total budget of N434, 221, 765, 938.79 for the 2024 fiscal year. The figure is made up of a capital expenditure of NN222, 337, 320, 199. 85 and a recurrent expenditure of N211, 884, 445, 728.95.
He christened the 2024 budget as “Budget of Economic Recovery.”
According to Makinde, the capital expenditure is 2.4 percent higher than the recurrent expenditure.
The governor said the budget is estimating an increased Internally Generated Revenue of N72billion with an average of N6billion monthly.
Education got the highest share of the budget N90, 664, 994, 252 (20.88 percent). It is followed by infrastructure which got N74, 316, 325, 706 (17.11 percent); health has N40, 998, 197, 758.30 (9.44 percent) and Agriculture had N15, 848, 707, 310.80 (3.65 percent)
The governor presented the budget on Tuesday to the 32 members House of Assembly at an event with top government functionaries, traditional rulers, political office holders among others in attendance.
He said the government will continue to use technology to block loopholes noting that as done in previous years, the government has no plan of increasing tax.
He assured that 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.