Ololade Adeyanju/
Governor Seyi Makinde today presented the 2020 budget proposal to the Oyo State House of Assembly with a promise to ensure that every kobo of N208,802,972,878.00 is accounted for.
Makinde also expressed the optimism that the state would achieve over 70 percent implementation of the budget because the proposed income matches the proposed expenditure.
Over 20 percent of the proposed budget was also allocated to education in line with the governor’s promise to ensure that the state surpasses the UNESCO recommendation for education funding.
Read the highlights of the budget as shared on Twitter by the governor via his handle, @seyimakinde:
It was an honour to present the Oyo State Budget Proposal for the 2020 Fiscal Year to the Oyo State House of Assembly, this morning. I assured the Honourable Members of the House that Every Kobo of the N208,802,972,878 Billion is accounted for.
It is a budget that captures the aspirations of the good people of Oyo State. A budget that every woman, man, and child in Oyo State can relate to and be proud of. A budget in keeping with our Roadmap for Accelerated Development in Oyo State 2019-2023.
We are aiming for at least 70% budget implementation. We believe we can even exceed this because we are not building castles in the air. Our proposed budget income matches our proposed expenditure.
Infrastructure has the highest percentage allocation in the 2020 Fiscal Year’s Budget at 23.93% of the total sum allocated. It is our plan to be bullish with infrastructural development, especially road construction.
“Light Up Ibadan” project, the installed Smart LED Street Lights in Ibadan will be replicated across the major towns and cities in Oyo State. Government will also procure new fire fighting vehicles, ambulances, water tankers and communication equipment.
In the 2020 budget proposal, we have provided for capital projects in the education sector along with regular payment of subvention. For these reasons, Education comes a close second to Works with a total allocation of 22.37% of the budget.
The other areas which have been prioritised in the 2020 budget proposal are Healthcare at 5.18% and Agriculture, to drive our economy, allocated 4.43% of the total budget proposal.
We were able to keep the personnel cost down by over 10% compared to the 2019 budget. One of the key reasons for this is that we are carrying out a staff audit and creating a database of all staff in the Oyo State civil and public service.
Our capital expenditure increased by about 20% compared to the 2019 budget. Total capital expenditure of N100.14 Billion, is 47.9% of the total budget estimate. Increased allocation to capital projects directly contributes to a more buoyant economy and sustainable development.
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. I am happy to report that we have kept our promise to the people of Oyo State.
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