Oyo State Governor, Mr. Seyi Makinde, has presented the 2024 budget proposal of N434.4 billion to the state assembly for approval. The budget is divided into N222.3 billion for capital expenditure and N211.8 billion for recurrent expenditure. Makinde highlighted an anticipated increase in Internally Generated Revenue to N72 billion, averaging N6 billion monthly.
Allocation to key sectors is outlined in the budget, with Education receiving the highest share at N90.6 billion, constituting 20.8% of the total budget. Infrastructure follows with N74.3 billion, making up 17.1% of the appropriation bill. The health sector claims the third position, allocated N40.9 billion, accounting for 9.4%, while Agriculture is earmarked N15.8 billion, representing 3.6% of the total budget proposal.
Addressing concerns about the removal of fuel subsidy, Governor Makinde emphasized that the implementation of government programs and policies would alleviate the resulting hardships. He affirmed a commitment to leveraging technology to eliminate loopholes, reassuring that there are no plans to raise taxes. Makinde urged the House of Assembly to expedite the passage of the budget proposal, underscoring its significance for economic growth and the welfare of the people of Oyo State.
In response to the budget presentation, the Speaker of the House of Assembly, Mr. ‘Debo Ogundoyin (PDP Ibarapa East), assured the governor of a prompt consideration of the Appropriation Bill.
Providing context, it is noteworthy that the Oyo state government’s budget for 2023 was N310.4 billion, indicating a substantial increase of 40% (N124.0 billion) in the proposed 2024 budget. In the 2023 budget, recurrent expenditure accounted for 50.2%, surpassing the 49.8% allocated to capital expenditure. However, the trend reverses in the 2024 budget, with capital expenditure constituting 52.1%, surpassing the allocation to recurrent expenditure.
This budgetary shift reflects a strategic focus on developmental projects and initiatives in the state. Governor Makinde’s emphasis on leveraging technology to improve efficiency aligns with contemporary approaches to governance. The prioritization of key sectors like Education, Infrastructure, Health, and Agriculture underscores the government’s commitment to holistic development.
As the budget proposal progresses through the legislative process, the assurance from the Speaker of the House of Assembly indicates a cooperative effort to expedite the approval, reflecting a shared commitment to advancing Oyo State’s economic and social objectives.
(Disclaimer: This information is sourced from InfoStride News, and any subsequent developments should be verified through official channels.)
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