Governor Seyi Makinde of Oyo State has presented a budget estimate of N678,086,767,332.18 as the proposed budget for the 2015 fiscal year.
Makinde made the presentation at the Oyo State House of Assembly on Wednesday in Ibadan, the state capital.
Makinde, while presenting the budget, said infrastructure development and the education sector will get the lion’s share of the budget.
The governor, while addressing the lawmakers, said that his government is planning to spend 51 per cent of the proposed budget on capital expenditure, while recurrent expenditure will take 49 per cent.
He said infrastructure will get N152,265,859,738.19, which represents 22.46 per cent of the total budget estimate. The education sector has the second-highest appropriation with N145,354,783,399.80, representing 21.44 per cent of the total budget.
He added that the renovation of 105 public primary schools under the World Bank-assisted programme Better Education Service Delivery for All, BESDA, had reached 95 per cent completion.
He also disclosed that his government would fix at least 100 public secondary schools, while the 14,500 primary and secondary school teachers awaiting their letters of employment would benefit from the new N80,000 minimum wage.
“Having looked at the data, including current inflation trends and projections for the year 2025, our Budget of Economic Stabilisation is just about 35 per cent higher than our 2024 Budget of Economic Recovery.
“We kept in mind the fact that we want an implementable budget. As of October, our last budget was at about 65 per cent implementation as of Q3, which is 5 per cent short of our projection. We believe that our revenue options will support over 70 per cent of implementation in 2025.
“Health and Agriculture at N59,411,385,714.68 and N18,760,243,348.45 are about 9 per cent and 3 per cent of the budget, respectively.
“We strongly believe that this budget will live up to its name as the economic stabilisation that will support our Oyo State Roadmap for Sustainable Development 2023-2027. Our plan is to bring more smiles into the faces of investors, smallholder farmers, micro and small entrepreneurs, our teachers and other public servants, our parents, our children, our youths, and all residents of Oyo State,” he said.
Makinde presents N678bn budget to Oyo Assembly
