Oluseye Ojo, Ibadan
Governor Seyi Makinde of Oyo State on Wednesday presented an appropriation bill of N208.8 billion to the state House of Assembly for 2020 fiscal year.
In the appropriation bill, the total budget proposal was N208,802,972,878. Capital expenditure received 47.9 percent of the total budget estimate, which is N100,142,690,046, representing an increase of 20 percent compared to the 2019 budget.
The total recurrent expenditure for 2020 financial year stood at N108,660,282,832, representing 52.1 per cent of the budget proposal.
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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.”
The Speaker of Oyo State House of Assembly, Adebo Ogundoyin, who tagged the appropriation bill, ‘Budget of Reality for the Masses,’ promised that the legislature would give timely consideration to passage of the bill into law in record time, urging all Ministries, Departments and Agencies (MDAs) to cooperate with parliament when called upon to defend their allocations.
In the budget proposal, infrastructure received the lion share of 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 a total allocation of 22.37 percent of the budget estimate. Healthcare received 5.18 percent of the total budget proposal and agriculture, which the Governor said would be used to drive the economy, received 4.43 percent allocation of the total budget proposal.
Makinde, in his presentation, said the estimate was carefully prepared and it captured aspirations of the people of the pacesetter state in all strata, adding that the 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 that 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 stated.
The Governor stated that 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 southwestern state
“We believe we can even exceed this because we are not building castles in the air. Our proposed budget income matches our proposed expenditure,” Makinde said.
The Governor stated further that his administration has kept “our promise to the people of Oyo State. When we set out to prepare the budget, our aim was to keep the budget realistic. To prepare a budget where projected revenue matches projected cost, unlike what has been the practice in the past.”
Makinde said his administration plans “to be bullish with infrastructural development, especially road construction. Recently, we awarded the contract for the Moniya-Ijaiye-Iseyin road with a completion agreement of 12 months. The contractor has since moved to the site and commenced work.
“We are also collaborating with the Federal Government to rehabilitate the Oyo-Iseyin road, while engagements are in progress with the Federal Government to hasten the completion of the Oyo-Ogbomoso dual carriage way.
“With properly constructed and repaired roads, our farmers and others engaged in business in rural areas can move themselves and their produce to markets where they can get better prices. Therefore, the completion of these roads is a priority,” he explained.