Education gets the highest share of the N434.2billion 2024 budget Governor Seyi Makinde of Oyo State presented to the State House of Assembly for consideration and approval with N90.6 billion or 20.8 per cent of the budget. This was followed by infrastructure, which received N74.3 billion or 17.1 percent of the appropriation bill.
The health sector is third with N40.9 billion, or 9.4 percent of the total budget proposal, and agriculture is fourth with N15.8 billion, or 3.6 percent.
On Tuesday, while presenting the budget tagged ‘Budget of Economic Recovery’, Governor Makinde said that the budget is made up of N222.3 billion for capital expenditure and N211.8 billion for recurrent expenditure. He added that the capital expenditure is 2.4 per cent higher than the recurrent expenditure.
Makinde further revealed that the 2024 budget estimated an increased Internally Generated Revenue of N72 billion, with an average monthly revenue of N6 billion.
He 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.”
The Governor said that his administration would continue using technology to block loopholes, saying his government has no plan to increase taxes.
He urged the House of Assembly to speed up the passage of the budget proposal, which would benefit the people of Oyo State and stimulate economic growth.
In his response, Speaker of the House of Assembly ‘Debo Ogundoyin (PDP Ibarapa East) assured the governor of speedy consideration of the Appropriation Bill.
