Oyo State Governor Seyi Makinde presented the State House of Assembly with an N434.2 billion budget for 2024 on Tuesday for review and approval.
Makinde claims that the budget is divided between N211.8 billion for ongoing expenses and N222.3 billion for capital expenditures.
The governor stated that the capital expenditure is 2.4% greater than the recurrent expenditure when presenting the “Budget of Economic Recovery” budget.
He continued by saying that the budget for 2024 projected a rise in internally generated revenue to N72 billion, or N6 billion on average each month.
According to the News Agency of Nigeria (NAN), infrastructure receives N74.3 billion, or 20.8% of the budget, while education receives the largest amount, N90.6 billion followed by Infrastructure which gets N74.3 billion or 17.1 per cent of the appropriation bill.
At N40. 9 billion, or 9.4%, the health sector comes in third, followed by agriculture at N15. 8 billion, or 3.6%, of the proposed total budget.
He pledged that initiatives, rules, and programs “which when implemented will cushion the effect of the hardship the people are facing as a result of fuel subsidy removal” would be included in the 2024 budget.
Makinde went on to stress that his government has no intention of raising taxes and that it will keep using technology to close loopholes.
He implored the House of Assembly to ensure that the budget plan is swiftly passed for the benefit of Oyo State’s citizens and the state’s economic progress.
