Ibadan, Dec. 5, 2023 – Gov. Seyi Makinde of Oyo State on Tuesday announced a budget of N434,221,765,938.79 for the 2024 fiscal year.
The budget, tagged as “Budget of Economic Recovery”, was presented to the House of Assembly on Tuesday.
It is made up of a capital expenditure estimate of NN222,337,320,199.85 and a recurrent expenditure estimate of N211, 884, 445, 728.95.
The capital expenditure is 2.4 percent higher than the recurrent expenditure.
The governor said the state anticipated an increased Internally Generated Revenue of N72 billion with an average of N6 billion monthly.
Education got the highest sectoral allocation of 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), while Agriculture has N15, 848, 707, 310.80 (3.65 percent)
Makinde assured residents that government would not increase taxes, but put in more efforts at plugging revenue leakages.
.He said that all projects in the budget were aimed at cushioning the effects of petrol subsidy removal. (GBN)
