Oyo State Governor Seyi MakindeOyo State Governor Seyi Makinde

Gov. Makinde signs 2024 budget into law

Oyo State Governor, Seyi Makinde, officially ratified the 2024 Appropriation Bill, totaling more than N438.4 billion, on Friday. The signing ceremony took place at the Governor’s Executive Chamber, Agodi Secretariat in Ibadan, the state capital.

Governor Makinde commended the swift approval process by the legislators and highlighted the budget’s meticulous consideration of current economic challenges such as fuel subsidy removal and exchange rate fluctuations.

Emphasizing the need for collaboration, Makinde sought understanding, support, and cooperation from key stakeholders, particularly organized labor.

He expressed confidence in achieving an 80% budget performance, citing the significant improvement from the 35% performance level at the beginning of his administration.

Earlier, the Speaker of the State House of Assembly, Rt Hon. Adebo Ogundoyin, explained that the House ensured a thorough review of the fiscal document without compromising due diligence.

Ogundoyin noted that the total estimate surpassed the governor’s initial proposal by N4,226,111,609.60, allowing for increased funding in various sectors.

Capital expenditure claimed more than 51% of the budget, with recurrent expenditure accounting for over 48%. This allocation structure aimed to prioritize projects fostering economic recovery, aligning with the 2024 Budget theme.

The speaker revealed that Education received the largest allocation, followed by Infrastructure, with Health and Agriculture ranking third and fourth, respectively.

Ogundoyin affirmed the House’s commitment to the administration’s four major focuses, pledging rigorous oversight to ensure strict adherence to the budget. He expressed confidence that the comprehensive estimate would serve as a stimulus for the governor’s economic recovery targets.

By dworldgist.com

Peter Ritdung Wakkias is a Nigerian blogger and programmer, known for being the CEO of www.dworldgist.com and www.gospelrespec.com. He holds a Higher National Diploma in Computer Science from Isa Mustapha Agwai 1 Polytechnic Lafia. Based in Lafia, Nasarawa State.

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