.…..fuel subsidy removal and exchange rate challenges were considered
....2024 budget would target 80% Performance
Oyo State Governor, Engr ‘Seyi Makinde has signed the 2024 Appropriation Bill of four hundred and thirty-eight billion, four hundred and forty-seven million, eight hundred and seventy-eight thousand, five hundred forty-eight naira, thirty-nine kobo (N438,447,878,548.39) into law.
The budget signing took place on Friday, December 22nd 2023 at the Governor’s Executive Chamber, Agodi Secretariat, Ibadan.
In his brief remarks shortly before assenting the budget, Makinde commended the State Legislative arm for their legislative scrutiny and accelerated approval.
He explained that the budget preparation took keen consideration of some of the current economic realities regarding the fuel subsidy removal and exchange rate challenges. He however sought for more understanding, support, and cooperation from critical stakeholders particularly labor organizations.
The Governor who noted that budget performance was not more than 35 percent when he assumed office said his administration has been able to double the figure and assured that 2024 budget would target 80 percent performance.
Governor Makinde had earlier presented a sum total budget proposal of 434.22 billion naira to the Oyo State House of Assembly.
The House however, jerked it up by 4.2 billion to arrive at the new total sum of 438.2 billion which was passed by the state Assembly at its last plenary sitting.
Highlighting efforts of his government towards ameliorating the economic hardship on the people of the state, Makinde assured that the 2024 budget would address some of the core priorities that would provide immediate solutions to some of the economic challenges.
Earlier, the Commissioner for Budget and and Economic Planning, Professor Musibaudeen Babatunde disclosed that the 2024 budget was prepared based on science, logic, and data.
He assured that considering the process of preparing the budget and it’s break down, fiscal transparency and accountability has been entrenched in Oyo state under the governor’s watch as the first state in Nigeria after the federal government to present budget breakdown to the public.
The Speaker, Oyo state House Assembly, Hon. Adebo Ogundoyin said the House, without compromising on due diligence, gave the budget accelerated passage in order to adequately prepare ahead of the next fiscal year.
Assuring that as lawmakers, the legislature has fully keyed into the state government’s four cardinal points adding that the House would continue to collaborate with government in order to actualize the intent of the budget.
In attendance at the brief event are the Speaker, Oyo state House of Assembly, other members of the state legislature, state executive council members, Chairman, Oyo state elders advisory Council, Chief Bolaji Ayorinde SAN, Oyo ALGON chairman, labor leaders, other non ministerial heads and representative of the ruling Peoples Democratic Party.
