A budget of N434,221,765,938,79 (four hundred and thirty-four billion, two hundred and twenty-one million, seven hundred and sixty-five thousand, nine hundred and thirty-eight naira, and seventy-nine kobo) for the 2024 fiscal year was presented to the state house of assembly on Tuesday by Governor Seyi Makinde of Oyo State.
During the “Budget of Economic Recovery” budget presentation, the governor stated that capital expenses accounted for 222.3 billion, or 2.4% of the entire budget, while recurrent expenses totaled 211.8 billion.
Education received the highest budget allocation of 90.6 billion, or 20% of the entire budget, while infrastructure received 74.3 billion, or 17.11% of the 2024 allotment, for funding.
According to the breakdown, the agriculture sector received 15 billion, or 3.65 percent, of the entire budget, while the health sector received 40.9 billion, or around 9.44%.
Governor Makinde said that his government will reach the 70% budget performance target by 2023. He stated that the state’s Internally Generated Revenue, or IGR, has been projected to be 72 billion.
He revealed that the government has a chance to demonstrate in the budget that it is sensitive to the realities of the modern economy in light of the elimination of the gasoline subsidy.
He stated that the government will keep using technology to close loopholes and that, as in past years, the goal is to broaden the state’s revenue base rather than raise taxes.
Makinde did, however, guarantee that the budget will support initiatives, rules, and measures that, if put into practice, would lessen the impact of the suffering that the public is experiencing as a result of the elimination of gasoline subsidies.
The assembly speaker, Mr. Adebo Ogundoyin, stated that the year 2024 will undoubtedly bring about a great deal of opportunities and prosperity for the beloved state, thanks to the governor’s visionary leadership style and the legislature’s unwavering support and cooperation.
“Let me assure the Governor and people of Oyo State that, as a House, we are always ready to perform our constitutional duty of lawmaking in particular and to also ensure that the Executive Arm of Government encounters no legal impediment in the performance of its functions for the overall welfare and wellbeing of the state and its residents.”
“Governor Seyi Makinde has refused to tow the previous turbulent order of brigandage and waste of public resources with impunity, ineptitude, and fraudulent practices in public service, but he has instead laid out a new order of transformation towards sustainable development in the state.
Subsequently, Ogundoyin promised the governor that the budget would be reviewed more quickly and made a plea to the commissioners whose ministries are carrying out these projects to intensify their efforts in order to guarantee the projects’ timely completion.
