Governor Seyi Makinde of Oyo State has presented the state’s budget for the 2024 fiscal year, totaling N434,221,765,938.79.
This comprises a capital expenditure of N222,337,320,199.85 and a recurrent expenditure of N211,884,445,728.95. Notably, Makinde christened the budget as the “Budget of Economic Recovery.”
Highlighting the allocation details, the governor emphasized that the capital expenditure is 2.4% higher than the recurrent expenditure.
He anticipates an increased Internally Generated Revenue (IGR) of N72 billion, averaging N6 billion monthly.
The budget allocates the highest share to education at N90,664,994,252 (20.88%), followed by infrastructure receiving N74,316,325,706 (17.11%).
Health and agriculture also receive significant allocations, with N40,998,197,758.30 (9.44%) and N15,848,707,310.80 (3.65%), respectively.
Governor Makinde presented the budget to the 32-member House of Assembly in the presence of top government officials, traditional rulers, and political office holders.
He reiterated the government’s commitment to utilizing technology to block financial loopholes, assuring that there are no plans to increase taxes.
Furthermore, Makinde assured that the budget is designed to cover projects, policies, and actions aimed at mitigating the impact of challenges faced by the people, particularly in response to the removal of the fuel subsidy.
The governor’s emphasis on strategic allocations and financial responsibility reflects the state’s focus on economic recovery and the well-being of its residents.”
