Governor Seyi Makinde of Oyo State on Wednesday presented an appropriation bill of N208, 802,972,878 to the state House of Assembly for the 2020 fiscal year.
Capital expenditure made up 47.9 per cent of the total budget estimate, while the total recurrent expenditure for the 2020 financial year stood at N108, 660, 282,832, representing 52.1 per cent of the budget proposal.
Makinde said the importance of the 20 per cent “increase on the 2019 budget should not be lost on us.”
The governor added, “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.”
Makinde said the estimate was carefully prepared and that it captured the aspirations of the people of the pacesetter state in all strata, adding that his administration was expecting internally generated revenue of N3bn from January 2020.
He explained that in October 2019, his administration recorded IGR of N2.7bn, saying, “I can assure that every kobo of the N208, 802,972,878 is accounted for. Every expenditure is geared towards facilitating the accelerated development of our beloved Oyo State.”
The governor stated that his administration aimed for, at least, 70 per cent budget implementation, saying the budget proposal was tailored towards the yearnings of the people.