The Governor of Oyo State, Seyi Makinde, on Tuesday, presented a budget of N434.2bn for 2024 to the state House of Assembly for consideration and approval.
Tagged, “Budget of Economic Recovery,” it has N222.3bn capital expenditure and N211.8bn recurrent expenditure.
Makinde said when implemented, it would cushion the harsh effect of fuel subsidy removal on the people of Oyo State.
He noted the capital expenditure was 2.4 per cent higher than the recurrent expenditure.
The education sector got the largest share with N90.6bn or 20.8 per cent of the budget, followed by infrastructure with N74.3bn or 17.1 per cent.
The health sector got N40.9bn, which is 9.4 per cent, while Agriculture had N15.8bn, being 3.6 per cent of the total budget proposal.
Makinde said his administration would continue to use technology to block loopholes. He, however, said his government had no plan to increase taxes.
He urged the House of Assembly to see to the speedy passage of the budget proposal to ensure speedy economic growth for the state.
The Speaker of the House of Assembly, Mr ‘Debo Ogundoyin, assured the governor of speedy consideration of the Appropriation Bill.