The Oyo State Government has disclosed the details of the N434.2 billion budget proposal for 2024, as presented by Governor Seyi Makinde to the State House of Assembly.
Professor Musibau Adetunji Babatunde, the Commissioner for Budget and Economic Planning, outlined the breakdown during a session with Civil Society Organisations and the press. Emphasizing the economic recovery plan amid global challenges, Prof Babatunde highlighted the commitment to reforms, sectoral allocations, and sustainable development.
The budget, with recurrent expenditure at 48.80% and capital expenditure at 51.20%, aims to prioritize ongoing capital projects, human capital development, and economic potential in agriculture, tourism, and solid minerals.
The sectoral analysis underscores the focus on education, health, youth and sports, culture and tourism, agriculture, works and infrastructure, and finance.
Revenue projections include statutory allocations, Value Added Tax, Excess Crude, capital receipts, and a targeted Internally Generated Revenue of N72 billion.
Prof Babatunde assured residents of a reviewed tax administration, emphasizing bringing more entities into the tax net and improving revenue collection through ICT, with control measures to ensure fiscal discipline and effective spending.
