The Governor of Oyo State, Mr. Seyi Makinde has presented the state’s 2024 budget of N434.4 billion to the state assembly for approval.
Makinde reported that the budget comprises N222.3 billion allocated for capital expenditure and N211.8 billion for recurrent expenditure.
He mentioned that the 2024 budget anticipates an increased Internally Generated Revenue of N72 billion, averaging N6 billion monthly.
Allocation to critical sectors
According to the News Agency of Nigeria (NAN), the budget allocates the highest share to Education, with N90.6 billion, accounting for 20.8% of the total budget. Infrastructure follows with N74.3 billion, constituting 17.1% of the appropriation bill.
The health sector claims the third position, receiving N40.9 billion, accounting for 9.4%, while Agriculture is allocated N15.8 billion, representing 3.6% of the total budget proposal.
The Governor said the implementation of the programs and policies of the government when implemented will go a long way to ameliorate the hardship being faced due to the removal of fuel subsidy.
Makinde emphasized that his administration would persist in utilizing technology to eliminate loopholes, affirming that there are no intentions to raise taxes. He urged the House of Assembly to expedite the passage of the budget proposal, emphasizing its significance for the economic growth and the welfare of the people of Oyo State.
In response to the 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.
What you should know
In 2023, the Oyo state government had a budget of N310.4 billion, which means the 2024 budget represents an increase of 40% (N124.0 billion).
The recurrent expenditure in the state’s 2023 budget was 50.2% which was more than 49.8% of the total budget earmarked for capital expenditure.
However, in 2024 capital expenditure constituted 52.1% which is more than the allocation to recurrent expenditure.
