The Oyo State Governor Engr Seyi Makinde presented a budget of N434.2 billion tagged ‘“Budget of Economic Recovery” for 2024 to the State House of Assembly for consideration and approval, stating that the capital expenditure is 2.4 per cent higher than the recurrent expenditure.
Penpushing reports that Makinde, explained that the budget is made up of N222.3 billion for capital expenditure, and N211.8 billion for recurrent expenditure, adding that the 2024 budget was estimating an increased Internally Generated Revenue of N72 billion with an average of N6 billion monthly.
The budget has it that Education got the highest share of the budget with N90.6 billion or 20.8 per cent of the budget, followed by Infrastructure which gets N74.3 billion or 17.1 per cent of the appropriation bill.
Penpushing further reports that in the same vein, the health sector takes the third position with N40.9 billion, which is 9.4 per cent and Agriculture has N15.8 billion, which is 3.6 per cent of the total budget proposal.
The Governor promised that the 2024 budget would cover projects, policies and actions which when implemented will cushion the effect t of the hardship the people are facing as a result of fuel subsidy removal.
Penpushing also reports that Makinde emphasized that his administration would continue to use technology to block loopholes, stating that his government has no plan to increase taxes, and equally urged the lawmakers to see to the speedy passage of the budget proposal for the state’s economic growth and benefit of the people of Oyo State.
The Speaker of the House of Assembly, Rt Hon Debo Ogundoyin representing Peoples Democratic Party (PDP) Ibarapa East), in his response to the presentation assured the governor of speedy consideration of the Appropriation Bill.
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