Oyo state governor, Engineer Seyi Makinde has presented the 2024 budget proposal of over 434.2 billion naira, (Four hundred and thirty-four billion, two hundred and twenty-one million, seven hundred and sixty-five thousand, nine hundred and thirty-eight naira, seventy-nine kobo.) to the state house of assembly.
In the 2024 appropriate bill tagged Budget oEconomic Recoveryry, the capital expenditure took 222.3BN of 2.4% of the budget while total recurrent expenditure carried 211 BNbn.
Education took the larger share of the budget allocation with 90.6bn, a 20percent of the total budget while 74.3b was budgeted for Infrastructure, taking 17.11% of the 2024 appropriation.
Also in the breakdown, the Health sector took 40.9bn of about 9.44% with the Agricultural sector getting 15bn, making 3.65% of the total budget.
Governor Makinde who said an amount of 72 BN has been estimated as the state internally generated revenue, IGR promised the commitment of his administration to surpass the 7p percent 2023 budget performance.
He disclosed that the budget is an opportunity for the administration to show responsiveness to the current economic reality following the Removal of fuel subsidies.
The governor insisted that his administration would not increase but expand the tax net
Details later..
