Emmanuel OchayiGovernor Seyi Makinde of Oyo State has presented the 2024 budget of N434.4 billion to the state assembly with Education getting the lion’s share.
With a resolute focus on revamping critical sectors, the budget signifies a 40% increase compared to the previous year.
The blueprint for 2024 delineates a clear allocation strategy, highlighting Education as the focal point with N90.6 billion, representing an unparalleled 20.8% of the total budget—a decisive step towards fortifying the state’s educational infrastructure.
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This marks a commitment to enhancing learning outcomes and investing in the future of Oyo State’s youth.
Notably, Infrastructure commands a share of N74.3 billion, constituting 17.1% of the budget, while the Health sector secures N40.9 billion. This reflects the administration’s emphasis on public welfare and healthcare development.
Agriculture, crucial for economic diversification, receives N15.8 billion, reflecting a commitment to boost agricultural productivity and empower rural communities.
Makinde, in his address, underscored the imperative nature of these budgetary allocations, emphasizing that the effective implementation of these initiatives would alleviate the challenges in the state arising from the removal of fuel subsidies.
He reasserted his administration’s commitment to leveraging technology to plug financial leakages while reassuring citizens that there are no plans to increase taxes.
The presentation received a positive reception from the Speaker of the House of Assembly, Mr. ‘Debo Ogundoyin, who pledged swift and thorough deliberation on the Appropriation Bill, acknowledging its paramount significance for the state’s economic advancement and the populace’s welfare.
Comparatively, the budget shift demonstrates a pivot toward capital expenditure, accounting for 52.1% of the 2024 budget, surpassing recurrent expenditure—a notable change from the previous year’s fiscal plan, signifying a shift towards development-oriented investments.
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