On Tuesday, Governor Seyi Makinde of Oyo State presented the state’s budget for 2024 to the House of Assembly, totaling N434.2 billion. Themed the “Budget of Economic Recovery,” the proposal allocates N222.3 billion for capital expenditure and N211.8 billion for recurrent expenditure.
Governor Makinde highlighted that the implementation of this budget aims to mitigate the adverse effects of the fuel subsidy removal on the people of Oyo State. The capital expenditure surpasses the recurrent expenditure by 2.4 percent.
The education sector takes the lion’s share with N90.6 billion, constituting 20.8 percent of the budget. Following closely is infrastructure, allocated N74.3 billion or 17.1 percent. Health receives N40.9 billion, representing 9.4 percent, while Agriculture is earmarked N15.8 billion, accounting for 3.6 percent of the total budget.
Governor Makinde emphasized his administration’s commitment to leveraging technology to plug financial loopholes. He reassured the public that there are no plans to increase taxes.