Oyo State 2024 Budget Proposal
The state governor, Seyi Makinde, submitted the N434.2 billion 2024 budget proposal to the state House of Assembly. The Oyo State Government provided an analysis of the plan on Friday.
In a discussion with civil society organisations, state Commissioner for Budget and Economic Planning Musibau Babatunde provided a summary of the budget estimates.
He declared, “The administration’s plan for tackling the current economic challenges and accelerating economic recovery is reflected in the proposed budget.”
The government’s desires for sectoral allocations to reinvigorate the economy, unlock private investment, stimulate effective demand, accelerate economic growth, and achieve sustainable development are reflected in the budget, which also shows the administration’s commitment to the economic reforms required to create opportunities towards economic recovery.
He continued by saying that the budget would decide the state’s fate for the upcoming fiscal year and that the budget’s highlights appropriately represent the governor’s Roadmap for Sustainable Development 2023–2027 as well as the Sustainable Action for Economic Recovery programme, which came after the removal of subsidies and unification of exchange rates.
The monthly wage award of N25,000 to civil servants and N15,000 to pensioners, which raised the state’s wage by an extra N2.8 billion in its first month of payment and is anticipated to last for six months, is why Babatunde said the percentage of the recurrent expenditure estimate was high.
However, he pointed out that the 2024 budget would be primarily focused on continuing capital projects and initiatives that would improve human capital, unleash the state’s economic potential through the development of solid minerals and the agriculture and agribusiness value chain, tourism, and public-private partnerships, among other things.
By highlighting the revenue predictions in the budget draft, the commissioner took use of the occasion to state that the government anticipates earning N86 billion in statutory allocations, N71.5 billion in value-added tax, N10 billion in excess crude, and N36.3 billion in capital receipts, among other amounts.
However, Babatunde pledged that controls and enforcement of spending caps would be in place to guarantee the establishment of a strong budgeting system that includes overall fiscal discipline, efficiency, and efficient budgetary spending.
Sunday Ojelabi, the Permanent Secretary of the Ministry of Budget and Economy Planning, had earlier stated that the budget breakdown was required in order to include all relevant parties in the implementation of the 2024 budget.