Seyi Makinde
Seyi Makinde faces 2024 budget. Oyo State Governor Seyi Makinde signed the N438.4 billion Appropriation Bill for 2024 into law on Friday.
Makinde, who signed the law at the Governor’s Executive Chamber, Agodi Secretariat in Ibadan, the state capital, praised legislators for the quick ratification.
He emphasized that the budget design took careful consideration of several current economic realities, such as the withdrawal of fuel subsidies and currency rate issues.
As a result, the governor sought more understanding, support, and cooperation from key stakeholders, particularly organized labor.
Makinde said, “The budget performance was not more than 35 per cent when I assumed office, and my administration has been able to double the figure. I want to assure you that the 2024 budget would target 80 per cent performance.”
Earlier, the Speaker of the state House of Assembly, Rt Hon. Adebo Ogundoyin, stated that the House expedited the fiscal document without sacrificing due diligence, having interacted with all of the state government’s ministries, departments, and agencies before arriving at the final amount.
“The total estimate is N4,226,111,609,60 higher than the total amount presented by the governor,” Ogundoyin stated. This is to accommodate and strengthen the activity of certain sectors.
“Capital expenditure accounts for 51% of this budget, while recurrent expenditure accounts for 48%.” This allows the government to focus on projects that will benefit our economy, so making His Excellency’s economic recovery aim (the theme of the 2024 Budget) an attainable vision.
“It’s not surprising that critical sectors received significant funding.” The majority of the funding for 2024 was allocated to education. It was followed by Infrastructure, with Health and Agriculture coming in third and fourth place, respectively. As lawmakers, we have identified the four major cardinal focuses of this government and have given them special attention while evaluating and scrutinizing the budget plan.
“We are confident that the total estimate will serve as both a stimulus and a catalyst for the governor’s economic recovery target.” Please be certain that we will tighten our oversight functions and strictly enforce the budget,” the speaker stated.