The Oyo State Governor signed a N310,432,500,000 2023 Appropriation Bill for Oyo state on Friday, tagged the ‘Budget of Sustainable Development,’
This was made known in a statement by the Oyo State Governor, Engr. Seyi Makinde on Friday night, he noted the budget is a transition budget for the completion of ongoing projects in Oyo state.
The budget includes N155.7 billion for recurrent expenditure and N154.8 billion for capital expenditure.
Makinde stated that the ‘Budget of Sustainable Development,’ was for the transition of projects to be completed in 2023, saying “Today, I signed the Oyo State 2023 Appropriation Bill into law in Saki. The total sum of the budget tagged the ‘Budget of Sustainable Development,’ is Three Hundred and Ten Billion, Four Hundred and Thirty-Two Million, Five Hundred Thousand Naira (N310,432,500,000)”.
“I thanked the Honourable Speaker of the Oyo State House of Assembly and other members of the house for the speedy passage 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 dear state”.
He noted the recurrent expenditure was higher than capital expenditure because the state is “going into a transitional period”.
“Some of the projects we started would be completed in 2023.
“So, this is a budget that has N155.7 billion for recurrent expenditure and N154.8 billion for capital expenditure.
“You will notice that recurrent is slightly higher than the capital expenditure and this is because we are going into a transitional period”.
Makinde also noted that the state’s internal revenue has increased by over N3.8 billion, stating his administration “has increased the internally generated revenue to over N3.8 billion.
