Oyo State Governor, Seyi Makinde on Tuesday, presented a N434.2 billion 2024 Appropriation Bill to the State House of Assembly for consideration and approval.
The governor said the budget includes N222.3 billion for capital expenditure and N211.8 billion for recurrent expenditure.
The Appropriation Bill was christened ‘Budget of Economic Recovery’.
Makinde added that the 2024 budget anticipates an increase of N72 billion in Internally Generated Revenue, with a monthly average of N6 billion.
Education received the largest portion of the budget with N90.6 billion or 20.8 per cent, followed by infrastructure with N74.3 billion or 17.1 per cent.
The health sector is third with N40.9 billion, or 9.4 per cent, while agriculture ranks fourth with N15.8 billion, or 3.6 per cent.
The governor noted that the budget includes projects, programmes, and measures “that, when implemented, will cushion the impact of the hardship the people are experiencing as a result of the removal of fuel subsidies”.
Makinde also stated that his administration would continue to employ technology to close loopholes, adding there are no plans to raise taxes.
He asked the House of Assembly to expedite the passage of the budget for the benefit of the state’s economy and the people of Oyo State.
Following the presentation, the Speaker of the House of Assembly, Mr. ‘Debo Ogundoyin (PDP Ibarapa East), assured the governor that the Appropriation Bill would be considered expeditiously.