The Oyo State Governor signed a N310,432,500,000 2023 Appropriation Bill for Oyo state on Friday, tagged the ‘Budget of Sustainable Development’.
This was disclosed in a statement by the Oyo State Governor on Friday night, he noted the budget is a transition budget for the completion of ongoing projects in Oyo state.
The budget includes N155.7 billion for recurrent expenditure and N154.8 billion for capital expenditure.
Sustainable development: Seyi Makinde stated that the ‘Budget of Sustainable Development,’ is for the transition of projects to be completed in 2023, he said:
“Today, I signed the Oyo State 2023 Appropriation Bill into law in Saki. The total sum of the budget tagged the ‘Budget of Sustainable Development,’ is Three Hundred and Ten Billion, Four Hundred and Thirty-Two Million, Five Hundred Thousand Naira (N310,432,500,000)”.
“I thanked the Honourable Speaker of the Oyo State House of Assembly and other members of the house for the speedy passage of the budget and for their dedication to the cause of Oyo State. The focus of this transition budget is the completion of ongoing projects in our dear state”.
A Transitional period: The passed budget is N432.5 million higher than the proposed N310 billion earlier sent to the lawmakers by Makinde on November 3, he noted the recurrent expenditure is higher than capital expenditure because the state is “going into a transitional period”.
“Some of the projects we started would be completed in 2023. So, this is a budget that has N155.7 billion for recurrent expenditure and N154.8 billion for capital expenditure. You will notice that recurrent is slightly higher than the capital expenditure and this is because we are going into a transitional period”.
IGR growth: Makinde also noted that the state’s internal revenue has increased by over N3.8 billion, stating his administration “has increased the internally generated revenue to over N3.8 billion.
“When we talk about budget performance, since we came in, we have always performed well above 50 per cent. The signing of this budget in Saki is a testimony to the fact that in Oyo State, our economy across all our zones, is indeed an integrated economy”.
In case you missed it: The Nigerian Senate explained why it postponed the passage of the 2023 appropriation bill to Wednesday, December 28, 2022, stating it experienced some problems in the document, in receiving the report on the 2023 budget from the appropriation committee.