The Oyo State Governor signed an Allocation Bill of N310,432,500,000 2023 for Oyo State on Friday, labeled “Sustainable Development Budget”.
This was revealed in a Oyo State Governor’s statement on Friday night noted that the budget is a transition budget for the completion of ongoing projects in Oyo State.
Budget It includes N155.7 billion for recurring expenses and N154.8 billion for capital expenses.
Sustainable development: Seyi Makinde stated that the ‘Sustainable Development Budget’ is for the transition of projects to be completed by 2023, he said:
- “Today, I enacted the Oyo State Appropriation Bill 2023 in Saki. The total sum of the budget called ‘Sustainable Development Budget’ is three hundred ten billion, four hundred thirty two million, five hundred thousand naira (N310,432,500,000)”.
- “I thanked the Honorable Speaker of the Oyo State House of Assembly and other members of the house for the speedy approval of the budget and for their dedication to the cause of Oyo State. The focus of this transition budget is the completion of ongoing projects in our beloved state.”
a period of transition: The approved budget is N432.5 million higher than the proposed N310 billion that Makinde sent to legislators on November 3. He noted that recurring spending is higher than capital spending because the state is “entering a transition period.”
- “Some of the projects we started would be completed in 2023.
- “So this is a budget that has N155.7 billion for recurring spending and N154.8 billion for capital spending.
- “You’ll notice that recurring spending is slightly higher than capital spending and this is because we’re entering a transition period.”
IGR growth: Makinde also noted that the internal revenue of the state increased by more than N3.8 billion and stated that his administration “has increased the internally generated revenue to more than N3.8 billion.
- “When we talk about budget performance, since we arrived, we have always had a performance well above 50 percent.
- “The signing of this budget in Saki is a testament to the fact that in Oyo State, our economy in all our zones is, in fact, an integrated economy.”
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The Nigerian Senate explained why it postponed the passage of the 2023 appropriation bill until Wednesday, December 28, 2022, stating that it experienced some problems in the document upon receipt of the 2023 budget report from the appropriation committee.