Infrastructure, education, health prioritised in N310bn Oyo 2023 budget proposal

Governor Seyi Makinde of Oyo State, on Thursday, presented a proposed budget of N310billion for the 2023 fiscal year of the state with infrastructure, education, and health getting the highest allocations.

As presented on the floor of the Oyo State House of Assembly, N85.73billion (27.65 percent) is budgeted for infrastructure, N58.21billion (18.78percent) for education, N36.35billion (11.73 percent) is set aside for health while N11.19billion (3.61 percent) is budget for Agriculture.

On infrastructure, Makinde explained that the focus for the next fiscal year will be completing outstanding capital projects rather than starting new ones, so as not to constitute a burden on the next administration.

He explained that the increase in budget for the health sector, compared to previous years, is because of a N22billion concessionary loan from the French government to upgrade the state’s primary and secondary healthcare facilities, taken at about zero percent interest rate and 10-year moratorium.

He said the state looked up to improving the agric sector with grants and low-interest loans from development agencies.

A general overview of the budget shows the recurrent expenditure of N155.65billion (50.21percent) more than the capital expenditure of N154.34billion (49.79 percent).

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Expected revenue sources for the budget are Internal Generated Revenue (IGR) of N83.50billion; statutory allocation of N50billion, Value Added Tax (VAT) of N60billion among others.

In his overview of the 2022 fiscal year, Makinde said it had so far recorded a revenue performance of 59.78 percent and expenditure performance of 54.88, though he noted that what will be attained at the end of the year may fall short of the projected budgeted performance of at least 70 percent.

He, however, said his administration had grown the state’s IGR by over 90percent typified by an increase from a monthly IGR average of N1.7billion in 2018 to about N3.3billion presently.

This is as he declared that the Light-Up Oyo project of his government had contributed to about a 25 percent drop in the crime rate in Oyo State in the last three years.

Summing up the remarks of his other members, Speaker of the Assembly, Honourable Adebo Ogundoyin assured that the Assembly will be aggressive in ensuring implementation and monitoring of the 2023 budget to achieve its set goals.

He immediately tasked heads of Ministries, Departments and Agencies to get set for defence of their budget proposals before the standing committees of the Assembly.

So far, Ogundoyin said the present Assembly had passed 82bills, 162motions, over 400 resolutions on issues of education, security, economy, agriculture, health, and infrastructure among others.