Oyo State Governor Seyi Makinde has proposed a budget of N434,221,765,938.79 for the 2024 fiscal year.
The total includes N211, 884, 445, 728.95 in recurring spending and NN222,337,320,199.85 in capital expenditures.
The 2024 budget was dubbed the “Budget of Economic Recovery” by him.
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Makinde claims that the capital spending exceeds the recurrent expense by 2.4%.
According to the governor, the budget calls for a rise in internally generated revenue to N72 billion, or N6 billion on average each month.
The largest budget allocation, N90, 664, 994, 252 (20.88 percent), went to education. Infrastructure came in second with N74, 316, 325, and 706 (17.11 percent); health came in third with N40, 998, 197, and 758.30 (9.44 percent); and agriculture came in third with N15, 848, 707, and 310.80 (3.65 percent).
On Tuesday, the governor gave the budget presentation to the 32-member House of Assembly, which was attended by prominent government officials, traditional leaders, and holders of political office.
He stated that there is no intention to raise taxes and that the government will keep using technology to close loopholes.
He guaranteed that the funds would go towards initiatives, rules, and measures that, if put into practise, would lessen the impact of the suffering that people are going through as a result of the elimination of fuel subsidies.
