Oyo State Governor, Seyi Makinde, has presented the 2024 budget, totaling N434,221,765,938.79, to the 32-member House of Assembly. The budget, named “Budget of Economic Recovery,” consists of a capital expenditure of N222,337,320,199.85 and a recurrent expenditure of N211,884,445,728.95.
Governor Makinde highlighted that the capital expenditure is 2.4 percent higher than the recurrent expenditure, emphasizing a focus on economic recovery and increased internally generated revenue (IGR). The budget estimates an IGR of N72 billion, averaging N6 billion monthly.
Key allocations in the budget include N90,664,994,252 (20.88 percent) for Education, N74,316,325,706 (17.11 percent) for Infrastructure, N40,998,197,758.30 (9.44 percent) for Health, and N15,848,707,310.80 (3.65 percent) for Agriculture.
The governor reassured citizens that the government would leverage technology to block loopholes and emphasized that there are no plans to increase taxes. He further stated that the budget encompasses projects, policies, and actions aimed at alleviating the impact of hardships caused by the removal of the fuel subsidy.
The budget presentation event was attended by top government functionaries, traditional rulers, and political office holders, demonstrating a collective effort toward Oyo State’s economic recovery in the coming fiscal year.
