By Ademola Mariam Adekemi(Siwes Student, Ogun State Institute of Technology, Igbesa OGITECH)
Governor Seyi Makinde has submitted the Budget of Economic Recovery, totaling N434.2 billion, to the Oyo State House of Assembly for approval.
The proposal allocates N222.3 billion for capital expenditure and N211.8 billion for recurrent spending.
Makinde emphasized that the budget, if enacted, would mitigate the adverse effects of fuel subsidy removal on the people of Oyo State, noting a 2.4 percent increase in capital spending over recurrent spending.
The education sector leads with N90.6 billion (20.8%), followed by infrastructure at N74.3 billion (17.1%). Health receives N40.9 billion (9.4%), and agriculture is allocated N15.8 billion (3.6%).
The governor affirmed a commitment to leveraging technology to enhance fiscal efficiency without proposing tax hikes, aiming to improve Oyo State’s financial standing.
Additionally, the budget encompasses allocations for social protection, justice, public service, economy, commerce, industry, information and communication technology, water and environment, and general administration.
Governor Makinde urged swift approval from the House of Assembly to catalyze rapid economic growth.
In response, Speaker Debo Ogundoyin assured prompt consideration and pledged alignment with the executive’s intentions for implementation.
