Oyo State Governor Seyi Makinde on Tuesday presented a total budget of N434.221 billion for the 2024 fiscal year.
The governor presented the budget to the 32-member House of Assembly at an event with top government functionaries, traditional rulers, political office holders among others in attendance.
The figure is made up of a capital expenditure of NN222.337 billion and a recurrent expenditure of N211.884 billion.
The governor who christened the appropriation bill as “Budget of Economic Recovery,” said the capital expenditure is 2.4 percent higher than the recurrent expenditure.
Makinde said the budget estimates an increased Iinternally generated revenue of N72 billion with an average of N6 billion monthly.
Education got the highest share of the budget N90.664 billion (20.88 percent). It is followed by infrastructure which got N74.316 billion (17.11 percent); health has N40.998 billion (9.44 percent) and agriculture had N15.848 billion (3.65 per cent).
He said the government would continue to use technology to block loopholes noting that the government has no plan of increasing tax.
The governor said the budget would cover projects, policies and actions which when implemented will cushion the effect of the hardship the people are facing as a result of fuel subsidy removal.
