Oyo State governor, Engr. Seyi Makinde has presented a budget of N310 billion to the House of Assembly for 2023.
Presenting the budget, tagged: ‘Budget of Sustainable Development,’ on Thursday, the governor explained that his administration in the last three and half years has moved the state forward from poverty to prosperity.
He said the budget is a reflection of steady growth in terms of performance from previous budgets, which is a sharp movement from accelerated development to sustainable development.
According to the breakdown of the 2023 budget, 83 billion is the proposed Internally Generated Revenue (IGR) while capital expenditure stands at N154.3 billion
In the budget, N155 billion is earmarked for recurrent expenditure while N85 billion is budgeted for infrastructural development.
Education received N58.2 billion representing 18.8 percent of the total budget, while Agriculture got N11.1 billion representing 6.31 percent of the budget.
The sum of N36 billion is earmarked for healthcare delivery.
Makinde said the figure represents a 100 percent increase from last year’s budget, due to a concessionary loan from the French government on a moratorium of 10 years.
He added that the French government has also assured that the concessionary may be converted to a grant if certain conditions are met.
