By Ikugbadi Oluwasegun
Engr. Seyi Makinde, Governor of Oyo State has presented a total budget of N434, 221, 765, 938.79 for the 2024 fiscal year to the State Assembly. The budget was presented on Tuesday to the parliament after a rigorous review and consultations.
The budget which was christened “Budget of Economic Recovery”, has a capital expenditure of N222, 337, 320, 199. 85 and a recurrent expenditure of N211, 884, 445, 728.95.
In the appropriation, Education got the highest share of the budget with N90, 664, 994, 252 (20.88 percent).
It is followed by infrastructure which got N74, 316, 325, 706 (17.11 percent); health has N40, 998, 197, 758.30 (9.44 percent) and Agriculture had N15, 848, 707, 310.80 (3.65 percent).
In his presentation, Governor Makinde said the capital expenditure is 2.4 percent higher than the recurrent, saying that the budget is estimating an increased Internally Generated Revenue of N72billion with an average of N6billion monthly.
Governor Makinde said his administration will continue to use technology to block loopholes and the government has no plan of increasing taxes in the coming year.
He assured that the budget will cover projects, policies and actions which when implemented will cushion the effect of the hardship the people are facing as a result of fuel subsidy removal.