Oyo State Governor, Mr. Seyi Makinde, has presented the state’s ambitious 2024 budget, totaling N434.4 billion, to the state assembly for approval.
Breaking down the budget, Governor Makinde outlined N222.3 billion allocated for capital expenditure and N211.8 billion for recurrent expenditure. Anticipating a boost in Internally Generated Revenue to N72 billion, averaging N6 billion monthly, the 2024 budget aims for financial sustainability.
Key allocations in the budget include N90.6 billion (20.8% of the total budget) for Education, N74.3 billion (17.1%) for Infrastructure, N40.9 billion (9.4%) for the health sector, and N15.8 billion (3.6%) for Agriculture.
Governor Makinde emphasized that the effective implementation of government programs and policies would significantly alleviate challenges arising from the removal of the fuel subsidy. He reiterated his administration’s commitment to leveraging technology to eliminate loopholes and assured there were no plans to increase taxes. The Governor urged the House of Assembly to promptly pass the budget, underlining its pivotal role in the economic growth and welfare of Oyo State residents.
In response, the Speaker of the House of Assembly, Mr. ‘Debo Ogundoyin (PDP Ibarapa East), assured the governor of a swift consideration of the Appropriation Bill.
Comparing with the 2023 budget of N310.4 billion, the 2024 budget marks a substantial 40% increase (N124.0 billion). Notably, in 2023, recurrent expenditure constituted 50.2%, exceeding the 49.8% allocated for capital expenditure. However, the 2024 budget sees a shift, with capital expenditure taking the majority at 52.1%, surpassing the allocation to recurrent expenditure.
