Seyi Makinde, the governor of Oyo state, has given a total budget of N434,221,765,938.79 for the fiscal year 2024.
The sum is made up of NN222,337,320,199.85 in capital expenditure and N211, 884, 445, 728.95 in recurring spending.
He dubbed the fiscal year 2024 budget the “Budget of Economic Recovery.”
According to Makinde, capital expenditure exceeds recurring expenditure by 2.4 percent.
The governor stated that the budget anticipates an increase in Internally Generated Revenue of N72 billion, with a monthly average of N6 billion.
Education had the greatest budget allocation of N90, 664, 994, 252 (20.88 percent). Infrastructure received N74, 316, 325, 706 (17.11 percent); health received N40, 998, 197, 758.30 (9.44 percent); and agriculture received N15, 848, 707, 310.80 (3.65 percent).
The governor presented the budget to the 32-member House of Assembly on Tuesday, in an occasion attended by key government functionaries, traditional rulers, and political office holders, among others.
He stated that the government will continue to employ technology to close loopholes and that there are no plans to raise taxes.
He stated that the budget will support initiatives, programs, and measures that, when executed, will mitigate the impact of the loss of gasoline subsidies on the people.