5th December, 2023
By Oluwatofunmi Adedokun
Governor Seyi Makinde of Oyo State has presented a 2024 budget proposal of N434.2 billion to the Oyo State Assembly for approval.
According to the governor, the budget is titled “Oyo State Budget of Economic Recovery,” and the education sector has the highest allocation, with a sum of 90.6 billion nairas accounting for 20.8 percent of the total budget.
Makinde divulged that the increased allocation in education aims to safeguard schools and the future of children in the state through original measures.
With a dedicated allocation of 74.3 billion nairas, Infrastructure receives 17.11 per cent of the total budget, while Health is allocated 40.9 billion nairas, representing 9.11 per cent of the total budget.
The governor pledges to enhance the budget performance by imposing technology to close loopholes.
He also emphasizes focused attention on the mining sector to boost the state’s internally generated revenue.
In response to the presentation, the Speaker of the House of Assembly, Mr. ‘Debo Ogundoyin (PDP Ibarapa East), assured the governor of a prompt consideration of the Appropriation Bill.
In 2023, the Oyo state government had a budget of N310.4 billion, which means the 2024 budget represents an increase of 40% (N124.0 billion).
The recurrent expenditure in the state’s 2023 budget was 50.2% which was more than 49.8% of the total budget earmarked for capital expenditure.
However, in 2024 capital expenditure constituted 52.1% which is more than the allocation to recurrent expenditure.