The Transformative 2024 Budget Proposal by Governor Makinde for Oyo State
The recent revelation of the 2024 budget proposal by the Governor of Oyo State, Seyi Makinde, has generated a sense of hope for the state’s economic recovery and sustainable development. The budget, titled “Budget of Economic Recovery,” places significant emphasis on four critical sectors – Education, Infrastructure, Health, and Agriculture, as the strategy to drive the state’s growth from 2023 to 2027.
The State’s Commissioner of Budget and Economic Planning, Professor Musibau Babatunde, has underlined the primary vision of the state government, which is to position Oyo State as the fastest growing economy in Nigeria. The government has established a distinct economic agenda focused on diversifying revenue sources to reduce reliance on federal allocations and donor partner grants.
The proposed budget allocates substantial resources to key sectors, including an estimated N90.65 billion for Education, N74.32 billion for Infrastructure, N40.998 billion for Health, and N15.85 billion for Agriculture. Governor Makinde has reaffirmed the administration’s dedication to prioritising the education sector, with a significant increase in budget allocation compared to previous years.
The Infrastructure sector is anticipated to receive 17.11% of the total budget, with a focus on enhancing economic activities through the development of critical road networks. Additionally, the Health sector will experience a slight increase in budgetary allocation to upgrade healthcare facilities, while the Agriculture sector aims to further enhance its activities to increase productivity.
The government’s macro-framework is in line with the projections of the Federal Government Medium Term Expenditure Framework (MTEF), ensuring realistic assumptions for crude oil forecasts, inflation rates, and exchange rate projections. Oyo State, well-known for its agrarian society, has the potential to become the nation’s primary source of food, leveraging its agricultural expertise to stimulate economic growth.
Governor Makinde’s proactive measures to enhance the state’s Internally Generated Revenue (IGR), including the use of technology to improve tax collection efficiency, has led to a projected IGR of N72 billion for 2024. The government remains committed to expanding the tax net without increasing taxes, highlighting the success of streamlined processes in revenue generation.
The budget principles revolve around the effective allocation of funds for ongoing projects, innovation in revenue generation, aggressive infrastructure provision, equity, and budget realism, alongside concerted efforts to unlock economic potentials through various sectors such as Agriculture, Tourism, and Solid minerals.
Despite the global and national economic challenges, the Oyo State 2024 budget has been prepared to address fiscal challenges and boost revenue generation through robust tax administration reforms and enhanced revenue collection efficiency. The government anticipates the early passage of the budget to ensure seamless implementation from January 1, 2024.
In conclusion, Governor Makinde’s 2024 budget proposal presents a comprehensive and strategic plan to drive Oyo State’s economy towards sustainable growth and development. The focus on key sectors, alongside prudent fiscal management, reflects the government’s dedication to driving positive change and creating a conducive environment for economic prosperity.
