Governor Seyi Makinde of Oyo State has on Thursday presented a budget of N310 billion budget proposal to the State House of Assembly for the 2023 fiscal year.
The budget is tagged: “Budget of Sustainable Development.
While presenting the appropriation, Makinde noted that his administration in the last three and half years has moved the state forward from poverty to prosperity which led to accelerated development for the state.
The state projected N83billion as Internally Generated Revenue (IGR) for 2023 while capital expenditure stands at 154,348,866,965.
It earmarked N155billion for recurrent expenditure while 85 billion is budgeted for infrastructural development.
The Education sector received N58.2 billion representing 18.8% of the total budget while Agriculture got N11.1 billion representing 6.31 percent of the total budget, and N36billion earmarked for Health.
Governor Makinde said the figure represents an increase of a hundred percent from the 2022 budget due to a concessionary loan from the French government on a moratorium of ten years.
The French government has also assured that the concessionary may be converted to a grant if certain conditions are met, he added.
(ladunliadinews)
