Oyo State governor, Mr Seyi Makinde, on Monday, presented a 2021 appropriation bill of N266,644,273,305.04 to the state House of Assembly.
The bill tagged, “Budget of Continued Consolidation” is a N53.16 percent increase over the revised 2020 budget of N174billion.
This year’s appropriation bill has a recurrent expenditure of N136,262,990,009.41k and capital expenditure of N130,381,283,295.63k.
At a budgeted sum of N56,348,375,635.55, education has the highest chunk of 21 percent followed by infrastructure with N46,067,695,661.13, representing 17.27 percent.
Makinde explained that the sole ownership of the Ladoke Akintola University of Technology (LAUTECH) by the Oyo state government, completion of projects like the construction of schools and classrooms, need to fill gaps in the teaching and non-teaching staff are among reasons for increase in the allocation to the education sector.
On infrastructure, Makinde said the focus was on filling the infrastructure deficit in the state by completing various ongoing infrastructure projects.
Other priority sectors in the 2020 appropriation bill are health which was allocated 4.9 percent of the appropriation sum amounting to N13,292,525,429.28 while N9,575,049,923.14 representing 3.6 percent is set aside for agriculture.
Buoyed by a budget performance of 50.32 percent in the 2021 budget, a target of 70 percent is set for the 2021 budget.
Up from recording about N3billion monthly as Internally Generated Revenue (IGR) in 2020, the IGR target for the 2021 fiscal year is about N8.5bilion monthly.
He said the plan to increase annual IGR to N102,824,207,213.46 in 2021 will be achieved by widening the tax net to bring in more tax payers without increasing taxes.
Noting that Oyo State IGR is presently about 32 percent of actual aggregate revenue, he avowed that the state was on track to achieving total dependence on state income outside of federal allocation.
He hinged optimism on greatly increasing the state’s IGR on that despite the effects of COVID-19, the state achieved about N3billion monthly and recorded an IGR of N25.6 billion as at September 2020.
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