Oluseye Ojo, Ibadan
Governor Seyi Makinde of Oyo State, yesterday presented an appropriation bill of N208.8 billion to the House of Assembly for 2020 fiscal year.
In the appropriation bill, the budget proposal was N208,802,972,878. Capital expenditure received 47.9 percent of the budget estimate, which is N100,142,690,046, representing an increase of 20 percent compared to the 2019 budget.
Also, the recurrent expenditure for 2020 financial year stood at N108,660,282,832, representing 52.1 percent of the budget proposal.
Makinde said the importance of the 20 percent “increase should not be lost on us. Increased allocation to capital projects directly contributes to a more buoyant economy and sustainable development. We will not only be starting new projects but also completing all ongoing projects from the previous administration.”
Speaker Adebo Ogundoyin, who tagged the appropriation bill, ‘Budget of Reality for the Masses’, promised the legislature would pass the bill into law in record time and urged all ministries, departments and agencies (MDAs) to cooperate with parliament when called upon to defend their allocations.
In the budget proposal, infrastructure received 23.93 percent of the total sum allocated, which is N35.4 billion for ongoing and proposed roads projects in all the senatorial zones in 2020.
The allocation to the education sector came close to works with 22.37 percent of the budget estimate. Also, healthcare received 5.18 percent and agriculture, which the governor said would be used to drive the economy had 4.43 percent.
Makinde said the estimate was carefully prepared and it captured aspirations of the people of the pace setter state in all strata, adding that his administration is expecting Internally Generated Revenue (IGR) of N3 billion from January 2020. He explained that in October 2019, his administration recorded IGR of N2.7 billion.
“I can assure every kobo of the N208,802,972,878 is accounted for. Every single expenditure is geared towards facilitating the accelerated development of our beloved Oyo State,” Makinde said.
The governor said his administration aimed for at least 70 percent budget implementation, saying the budget proposal was tailored with the yearnings of the people, which they communicated to the government during the budget town hall meetings held across the three senatorial districts of the state