Seyi Makinde, the governor of Oyo State, presented an N434.2 billion budget for 2024 to the state House of Assembly on Tuesday for review and approval.
Tagged, ‘Budget of Economic Recovery,’ which includes N222.3bn in capital expenditure and N211.8bn in recurring expenditure.
Makinde said if approved, it would lessen the negative impact that the elimination of gasoline subsidies would have on Oyo State’s citizens.
He pointed out that the capital expense was 2.4% more than the ongoing expense.
With N90.6 billion, or 20.8 percent, of the budget going towards education, the sector received the greatest allocation. Infrastructure came in second with N74.3 billion, or 17.1 percent.
Of the proposed budget, the health sector received N40.9bn, or 9.4%, while agriculture received N15.8bn or 3.6%.
Makinde stated that his government will continue to employ technology to close loopholes.
The Governor also assured citizens of Oyo state that his administration had no plans to raise taxes.
He asked the House of Assembly to expedite the budget proposal’s adoption to safeguard the state’s rapid economic growth.
Mr. ‘Debo Ogundoyin, Speaker of the House of Assembly, informed the governor that the Appropriation Bill will be considered quickly.
cc: Punch Ng
