The Governor of Oyo state, Seyi Makinde has presented a Budget proposal of N208, 802, 972, 878 for the 2020 fiscal year before the State House of Assembly.
Describing the Budget as the “Budget of the Masses”, the Governor said the new fiscal Bill is in keeping with his administration’s roadmap for accelerated development in the State, noting that every kobo in the proposal would be accounted for.
In the new proposal, Infrastructure (Works) takes 23.93%, closely followed by Education with an allocation of 22.37%, Healthcare 5.18% and Agriculture at 4.43%.
Giving a breakdown of the proposed expenditure, the Governor said the State is aiming at atleast 70% Budget implementation, adding that the yearnings of the people of the State were well captured during the various Budget town hall meetings held across the three senatorial districts in the State before the Budget was finally presented.
Former Governor Abiola Ajimobi had presented a Budget proposal of N285billion to the State lawmakers for the year 2019 but Makinde, upon resumption of office in May 2019 had, with the approval of the State Assembly, reduced the budget by 36%.
Specifically, Governor Makinde had reduced ex-Governor Ajimobi’s budget from N285.15b to N182.39b saying the initial proposal was unrealistic in view of estimated income to fund the Budget.
While addressing the lawmakers at an event which held at the Hallowed Chamber of the State House of Assembly and attended by members of the State Executive, traditional leaders, community leaders and trade unions, among other stakeholders, Governor Makinde said the proposed Budget also has the capital expenditure increasing with about 20% when compared with the 2019 Budget.
According to Makinde, the capital expenditure stands at N100, 142, 690, 046 representing 47.9% of the total Budget estimate because of his belief that increased allocation to capital projects directly contributes to a more buoyant economy and sustainable development.
He added that while the last administration projected N25.55b as revenue from Ministries, Departments and Agencies (MDAs) and N91.59b from statutory allocations, the projections were higher than could be achieved and as such had to be marked down by 4.79% and 6.08% as revenues from the MDAs and statutory allocations respectively.
This is as he stressed that his administration had reviewed the State’s Internally Generated Revenue (IGR) upwards based on various strategies put in place, adding that the State is expecting a monthly revenue of at least N3billion starting from January 2020.
In their various remarks, the lawmakers lauded the Governor for the timely and early presentation of the proposal assuring that they would also reciprocate the gesture with prompt scrutiny of the Bill.
Reacting on behalf of the lawmakers, Speaker Adebo Ogundoyin described the Budget as all inclusive, calling for more funds to be devoted to the health sector in view of its importance.
Ogundoyin also called on all the MDAs of the government to promptly respond to the call of the Budget Committee anytime they are invited to appear before it so that work on the proposed Budget could be completed in no time.