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The Oyo State Governor, Seyi Makinde on Wednesday presented the Appropriation Bill of 294.5 billion naira to the state House of Assembly.
While speaking at the presentation, Makinde said he was proud to inform the Legislature and other guests present that it was the first time the state had a proposed capital expenditure that was more than recurrent expenditure, adding that the positive development would positively impact the lives of residents of the state.
The budget which was christened Budget of Growth and Opportunities is expected ensure that Oyo state residents have an increased purchasing power and economic empowerment.
The Governor revealed that 156 billion naira would be injected into the economy through infrastructural investments. Also, a sum of 79.5 billion naira is expected to be generated internally. According to him, this would be achieved by continuous efforts to expand the tax base of the state to cover the informal sector as there would be no need to increase taxes already being paid.
Rt. Hon. Adebo Ogundoyin, Speaker Oyo State House of Assembly praised the Governor for the early presentation of the budget, adding that it gives the House adequate time to review and study it. He said this would help the state continue to run the proper January to December budget cycle.
In attendance at the budget Presentation were dignitaries and royal fathers which included the Alaafin of Oyo, Iku Baba Yeye, Oba Lamidi Adeyemi III and the Olubadan of Ibadanland, Oba Saliu Akanmu Adetunji, Aje Ogungunniso 1 who was represented by Otun Olubadan, High Chief Lekan Balogun among others.