Education Gets Lion’s Share As Makinde Presents N434.2bn Budget For 2024

Dele Olaosebikan 

OYO State governor, Engr. Seyi Makinde has presented a total budget of Four Hundred and Thirty-Four Billion, Two Hundred and Twenty-One Million, Seven Hundred and Sixty-Five Thousand, Nine Hundred and Thirty-Eight Naira, Seventy-Nine Kobo (N434,221,765,938.79) for the 2024 fiscal year.

The figure is made up of capital expenditure of Two Hundred and Twenty-Two Billion, Three Hundred and Thirty-Seven Million, Three Hundred and Twenty Thousand, One Hundred and Ninety-Nine Naira, Eighty-Five Kobo (N222,337,320,199.85) and a recurrent expenditure of Two Hundred and Eleven Billion, Eight Hundred and Eighty-Four Million, Four Hundred and Fort-Five Thousand, Seven Hundred and Twenty-Eight Naira, Ninety,-Five Kobo (N211, 884, 445, 728.95). 

He christened the 2024 budget as “Budget of Economic Recovery.”

According to Makinde, the capital expenditure is 2.4 percent higher than the recurrent expenditure.

The governor said the budget estimates an increased Internally Generated Revenue of N72 billion with an average of N6 billion monthly.

Education got the highest budget share of Ninety Billion, Six Hundred and Sixty-Four Million, Nine Hundred and Ninety-Four Thousand, Two Hundred and Fifty-Two Naira (N90, 664, 994, 252). It is followed by infrastructure which got Sventy-Four Billion, Three Hundred and Sixteen Million, Three Hundred Twenty -Five Thousand, Seven Hundred and Six Naira (N74, 316, 325, 706); health has Forty Billion, Nine Hundred and Ninety-Eight Million, One Hundred and Ninety,-Seven Thousand, Seven Hundred and Fifty-Eight Naira, Thirty Kobo (N40, 998, 197, 758.30) and Agriculture has Fifty Billion, Eight Hundred and Forty -Eight Million, Seven Hundred and Seven Thousand, Three Hundred and Then Naira, Eighty Kobo (N15, 848, 707, 310.80).

The governor presented the budget earlier today to the 32-member House of Assembly at an event with top government functionaries, traditional rulers, and political office holders among others in attendance.

He said the government will continue to use technology to block loopholes, noting that the government has no plan to increase taxes.

He assured that the budget will cover projects, policies, and actions which when implemented will cushion the effect t of the hardship the people are facing due to fuel subsidy removal.

Eighteen-Eleven Media