Connect with us

NEWS

Infrastructure, education get largest shares in Makinde’s 2023 Budget

Published

on

Makinde presenting 2023 budget to the Oyo State House of Assembly

Oyo State Governor ,Seyi Makinde, Thursday, presented a budget proposal of N310,000,000,000.00 as the appropriation bill for the 2023 fiscal year before the state House of Assembly.

The governor, while presenting the budget at the Oyo State House of Assembly Chamber said it is a “Budget of Sustainable Development” which reflects the wishes of the people.

Breakdown of the budget shows infrastructure having the largest percentage followed by education and health.

The governor explained that N154,348,866,965.62 has been proposed as capital expenditure, representing 49.79 per cent of the total budget proposal, while the proposed recurrent expenditure which stands at 50,23 per cent amounts to N155,651,133,034.38.

He added that the sum of N85,737,487,258.97 (27.65 per cent) of the budget proposal has been allocated to infrastructure development, because the government recognises “infrastructure development as a sure path to accelerated development, and we are continuing in that stride for sustainable development.”

Makinde said there was a marginal drop on estimate for infrastructure over last year’s 52.97 per cent, noting that the focus of the 2022 budget was on completion of projects

The education sector, which got the second largest allocation, has a proposal of N58,213,981,267.87 (18.78 per cent), with the state maintaining its record of conforming to the UNESCO standards of 15-20 per cent budgetary allocation to the education sector.

The governor, who stated that N36,358,058,808 or 11.73 per cent of the total budget was proposed for the healthcare sector, explained that the reason for the 100 per cent increase over last year’s allocation to the health sector was due to the N22 billion concessionary loan from the French Government, which it will use to upgrade primary and secondary healthcare facilities in the state.

You May Also Like:-  No evidence jabs need adapting COVID-19 variants – BioNTech

A total sum of N11,198,004, 937.00 or 3.61 per cent was allocated to the agriculture sector.

The governor disclosed that Oyo State Government has signed a $37 million investment in agriculture with the support of the African Development Bank (AfDB) on the Smallholder Agricultural Productivity Enhancement and Commercialisation Project, in a bid to boost farmers’ productivity.

Governor Makinde said the 2023 proposed budget, when implemented, would meet the needs of the people of Oyo State,

He said: “So, with this budget, we are moving from accelerated to sustainable development. Sustainable development means that we aim to meet the needs of the good people of Oyo State on this side of the transition without compromising the ability of the next administration to meet their own needs.

He restated commitment to continue to deliver good governance to our people. We believe that this Budget of Sustainable Development is just what we need as we navigate the final days of our first tenure in office.

Reacting, Speaker, Oyo State House of Assembly, Rt Hon. Adebo Ogundoyin said the lawmakers would not only ensure the speedy passage of the budget but follow its implementation to achieve the desired results.

Ogundoyin commended Makinde for running an all-inclusive administration which has led to the spread of dividends of democracy across all the geopolitical zones across the state.

Advertisement
Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *