Governor Seyi Makinde Tuesday presented a total budget of N434, 221, 765, 938.79 to the Oyo state House of Assembly for the 2024 fiscal year.
Presenting the budget christened “Budget of Economic Recovery”, the governor said the figure is made up of a capital expenditure of NN222, 337, 320, 199. 85 and recurrent expenditure of N211, 884, 445,728.95.
He stated that the capital expenditure is 2.4 percent higher than the recurrent expenditure and that the budget is estimating an increased Internally Generated Revenue of N72billion with an average of N6billion monthly.
In the budget, education got the highest share of the budget 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).
Governor Makinde added that Oyo state government will continue to use technology to block loopholes in the state as done in previous years, adding that the government has no plan of increasing tax.
The governor 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.
Present at the budget presentation included top government functionaries, traditional rulers, political office holders and notable politicians from across the state, among others.
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