Oyo State Governor, Seyi Makinde, on Friday, signed the 2024 Appropriation Bill of four hundred and thirty-eight billion, four hundred and forty-seven million, eight hundred and seventy-eight thousand, five hundred forty-eight naira, thirty-nine kobo (N438,447,878,548.39) into law.
The budget signing took place at the Governor’s Executive chamber, Agodi, Secretariat, Ibadan.
In his brief remarks shortly before assenting the budget, Makinde commended the state legislative arm for their legislative scrutiny and accelerated approval.
He explained that the budget preparation took keen consideration of some of the current economic realities regarding the fuel subsidy removal and exchange rate challenges.
He however sought for more understanding, support, and cooperation from critical stakeholders particularly labor organizations.
The Governor, who noted that budget performance was not more than 35 percent when he assumed office, said his administration has been able to double the figure and assured that 2024 budget would target 80 percent performance.
Earlier in his remarks, the Speaker of the Oyo state House of Assembly, Rt Hon. Adebo Ogundoyin before presenting the Appropriation Bill for assent said the Assembly gave the fiscal document accelerated passage without compromising on due diligence having interfaced with all the Ministries, Departments and Agencies of the State Government before arriving at the final amount.
According to him, the total estimate is higher by four billion, two hundred and twenty-six million, one hundred and eleven naira, sixty kobo (N4,226,111,609,60) than the total amount presented by the Governor. This is to cater for and further strengthen the activities of some sectors.
” Capital expenditure takes over 51% of this budget while recurrent expenditure takes over 48%. This is to enable the State Government to pay particular attention to projects that will enhance our economy thereby making the economic recovery target (which is the theme of the 2024 Budget) of His Excellency a realisable vision.
“It is not surprising that critical sectors got huge allocations. Education got the largest chunk of the 2024 budget. It is followed by Infrastructure while Health and Agricultural sectors were third and fourth respectively.
” As lawmakers, we have keyed into the four major cardinal focus of this administration hence we gave priority attention to them while reviewing and scrutinizing the budget proposal.
“We are convinced that the total estimate will serve as both a stimulus and a catalyst for the economic recovery target of His Excellency.
“At this juncture, I will like to sincerely appreciate His Excellency for presenting a realistic and implementable fiscal document. Let me assure His Excellency and the people of Oyo State that we will sustain our cooperation and collaboration with the Executive and Judiciary arms of Government towards the realisation of the vision of this Government and to deliver dividends of democracy to the people.
“Please be assured that, we will strengthen our oversight functions and ensure that the budget is strictly adhered to.
“Lastly, I will like to thank most profusely all my colleagues and staff of the Oyo State House of Assembly for their commitment while the budget processes and defences lasted.
