Budget: Oyo Governor Presents N310Bn As 2023 Budget To Oyo Assembly

The Oyo State Governor,  Seyi Makinde presented a budget of N310 billion to the State House of Assembly for the 2023 fiscal year.

The budget was presented on Thursday at the floor of the Assembly on Ibadan.

While presenting the budget tagged: “Budget of Sustainable Development,” Makinde noted that his administration in the last three and half years has moved the state forward from poverty to prosperity.

He also stated that his administration which has driven home accelerated development for the state.

"Three years ago, when we made our first low-budgetary information to you, we came with a budget that will support accelerated development in Oyo State.

"That budget required a huge investment in infrastructure that will quickly grow our economy.

"Our total capital budget for that year was over N100 billion.

“In 2020, we returned with the 2021 budget of continued consolidation.

"In that budget, over N130 billion was proposed for capital expenditure.

"Our goal then was to build on our plans for accelerated development.

“Then last year we moved from the Budget of Continued Consolidation to the 2022 Budget of Growth and Opportunities, and for the first time proposed capital expenditure of about 53% of our total budget was more than our capital expenditure. It was clear that we were moving in the right direction.

“In the last three years, every zone of Oyo State has been touched with a development project that reflects our focus on our four pillars of education, economy, healthcare and security.

"In education we have consistently maintained an 18-22% budgetary allocation," he said.

Infrastructure according to Governor Makinde, has received the largest chunk of his administration’s yearly budget allocation.

He recounted the different road projects that have been delivered by the present administration.

According to Makinde, the 2023 appropriation bill is premised on N83 billion naira as internally generated revenue and statutory allocation of 50 billion and VAT as N60 billion and other revenue streams.

Presenting the details of the 2023 proposal to the 9th Assembly, Makinde maintained that his administration would be prioritising all outstanding capital expenditure with a quota of over N154 billion, 49% of the total budget proposal while N85 billion was allocated to infrastructure from the capital expenditure.

Education which has the 2nd largest allocation has over N58 billion, 17.8% of the total budget, n alignment with the UNESCO standard.

Over N36 billion was budgeted for healthcare in the proposed 2023 budget, while Agriculture got over N11 billion.

Makinde has therefore promised to continue to deliver good governance to the people of Oyo State.