In a strategic move aimed at revitalizing the economic landscape of Oyo State, Governor Engineer Seyi Makinde in his comprehensive budget proposal of over 434.2 billion naira to the State House of Assembly. Aptly titled the “Budget of Economic Recovery,”
This financial plan underscores Makinde’s commitment to fostering development across various sectors.
Education at the Forefront:
Among the noteworthy allocations in Makinde’s 2024 budget, education emerged as the top priority, receiving a substantial share of 90.6 billion naira, constituting a significant 20 percent of the total budget.
This deliberate investment underscores the governor’s belief in the transformative power of education as a catalyst for societal progress.
Infrastructure Development:
Infrastructure development is another focal point, with a dedicated budget of 74.3 billion naira, representing 17.11 percent of the overall appropriation. The commitment to enhancing the state’s infrastructure signals a strategic effort to create an environment conducive to economic growth and improved quality of life for residents.
Health and Agriculture:
Recognizing the critical role of health and agriculture in sustainable development, Governor Makinde allocated 40.9 billion naira (9.44 percent) to the health sector and 15 billion naira (3.65 percent) to agriculture. These investments underscore the administration’s holistic approach to societal well-being and food security.
Revenue Generation and Fiscal Responsibility:
Governor Makinde, demonstrating fiscal responsibility, highlighted an estimated 72 billion naira as the state’s internally generated revenue (IGR). He expressed the administration’s commitment to surpassing the impressive 73 percent budget performance achieved in 2023.
Importantly, in response to the removal of the fuel subsidy and prevailing economic challenges, the governor emphasized that there would be no tax increases. Instead, the administration aims to broaden the tax net, ensuring a fair and sustainable revenue model.
Responsive Governance in Challenging Times:
Governor Makinde emphasized that the 2024 budget reflects the administration’s responsiveness to the current economic reality. The removal of the fuel subsidy presented an opportunity for strategic planning, and the governor assured citizens that the government would navigate challenges without imposing additional burdens on taxpayers.
As Oyo State looks toward the future, Governor Makinde’s Budget of Economic Recovery sets a course for comprehensive growth, placing education, infrastructure, health, and agriculture at the forefront of the state’s developmental agenda.
The commitment to fiscal responsibility and responsive governance reflects a vision aimed at not only overcoming challenges but also fostering enduring prosperity for the people of Oyo State.
