Makinde Presents Over 434 Billion Naira As 2024 Budget

Oyo State Governor, Engr. Seyi Makinde presenting the 2024 budget

*We’ll Ensure Full Oversight For All Round Success – Speaker

The Oyo State Governor, Engr. Seyi Makinde has presented the sum of over 434 billion naira as the 2024 budget to the Oyo State House of Assembly.

The budget which is tagged ‘Budget of Economic Recovery’ has the total sum N434, 221,765,938.79.

The capital expenditure aspect of the budget, according to the governor, is N222, 337,220,199.85, while the recurrent expenditure is N211, 884,445,738.94.

According to the budget presented by Governor Seyi Makinde, the education sector took the larger share of the allocation with 90.6bn, indicating 20 percent of the total budget, while 74.3b was budgeted for Infrastructure, taking 17.11%.

Also in the breakdown, the health sector took 40.9bn of about 9.44% with the agricultural sector getting 15bn, making a 3.65% of the total budget.

Governor Makinde, who said that the sum of 72 billion naira was proposed as the state Internally Generated Revenue (IGR) for the 2924, promised the commitment of his administration to surpass the 70 percent budget performance of 2023.

He disclosed that the budget is an opportunity for the administration to show responsiveness to current economic reality following the removal of fuel subsidy.

The governor insisted that his administration would not increase tax but expand the tax net.

In his reaction, the Speaker of the Oyo State House of Assembly, Hon. Adebo Ogundoyin reiterated the commitment of the state legislature to full performance of their oversight functions to ensure the success and full implementation of 2024 budget as presented to the House by Governor Seyi Makinde.

The Speaker assured the governor of an accelerated passage of the 2024 budget proposal.

He charged all ministries, departments and agencies involved in the execution and implementation of the budget to redouble their efforts to ensure outstanding success.

“One of our key duties is to oversee the implementation of the 2024 budget. Parliamentary oversight is a crucial pillar for creating credibility in budgeting and in holding the state government accountable. I want to assure that as executive members, we will monitor the execution of the 2024 budget.

“There is no doubt in my mind that the year 2024 will be the year of many opportunities and prosperities for our dear State with the Visionary Leadership style of the Governor and unalloyed cooperation and support of the Oyo State Legislature under my watch.

“Let me assure the Governor and people of Oyo State that, as a House, we are always ready to perform our Constitutional duty of Law making in particular and to also ensure that the Executive Arm of Government encounters no legal impediment in the performance of its functions for the overall welfare and wellbeing of the State and its residents.

“The Budget of Economic Recovery which has just been presented was packaged to facilitate the completion of all on-going projects and take care of other social services. May I again commend this administration for not concentrating the entire project in the State capital alone but torched other towns in the spirit of togetherness. I want at this occasion to urge His Excellency to fast track the completion of Ido- Eruwa Road and other on-going roads projects across the State to bring more dividends of democracy to the people of Oyo State.

The vision is to put the State on the pedestal of socio-economic growth and development and eradicate poverty.” Oyo Speaker said

The Speaker said it was imperative for all the concerned stakeholders to attend budget defence for appropriate review, documentation and final passage.

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