Governor Seyi Makinde of Oyo State, on Friday evening, signed into law the 2024 budget of N438,447,548.39, targeting an 80 per cent budget performance.
At the signing held at the executive council chambers of the governor’s office, state secretariat, Ibadan, Makinde said the budget estimates took into account the present and expected economic pressures, including demand for a new minimum wage. Noting expected economic pressures in 2024, Makinde sought an understanding of the labour movement in its demands for workers.
Makinde assured of openness and transparency, while calling on all and sundry to support the government in implementing the budget. He appreciated the House of Assembly for the speedy passage of the budget while noting that the executive and legislative alike had to work jointly to ensure the implementation of the budget on both the revenue and expenditure sides.
Speaker of the Assembly, Honourable Adebo Ogundoyin, described the N438.44 billion estimate as realistic, commending the allocation of 51 per cent of the budget for capital expenditure. Describing the budget as a catalyst for economic recovery, Ogundoyin assured that the legislature would strengthen its oversight function. He stated that the state government passed the budget two weeks after receiving it on December 5 without compromising on due diligence.
Ogundoyin explained that the Assembly increased the budget proposal by N4.2 billion, believing it would further strengthen the performance of sectors, especially Ministries, Departments, and Agencies (MDAs). In his remarks, State Commissioner for Budget and Planning, Professor Musibau Babatunde, declared that the state recorded a 75 per cent performance in the 2023 fiscal year. He called on everyone to monitor the implementation of the budget.
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