Gov. Seyi Makinde of Oyo State on Wednesday presented a ₦208.8 billion Appropriation Bill for the 2020 fiscal year to the State House of Assembly.
The N208,802,972,878 billion total budget proposal has N100,142,690,046 earmarked for capital expenditure and representing 47.9 per cent of the total budget estimate.
The total recurrent expenditure for 2020 financial year stood at N108,660,282,832, representing 52.1 per cent of the budget proposal.
Governor Makinde in his address said: “You will also note that our capital expenditure increased by about 20 per cent, compared to the 2019 budget.
“The importance of this 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.”
He said: “4.43 per cent of the budget was allocated to the agricultural sector. We remain determined to utilise agriculture to drive our economy.
“We are implementing policies that will transform farming activities, increase production and improve the quality of food crops, livestock exports and industrial crops through application of modern technology.
“We are presently working at upgrading two of the nine farm settlements in Oyo State at Eruwa and Akufo into Farm Estates.
“These estates will also serve as crop processing zones with the required technology and mechanisation practices.”
The highest sectoral allocation in the 2020 fiscal year’s budget at 23.93 per cent while education came a close second with a total allocation of 22.37 per cent of the budget.
Makinde said that other sectors prioritised in the 2020 budget included healthcare which received 5.18 per cent of the total budget proposal.
The Governor who urged the Speaker, Debo Ogundoyin, and other lawmakers to give the proposal due consideration in a timely manner assured the lawmakers that the budgeted funds would be accounted for.
Ogundoyin, in his remarks, assured the governor that the House would give the proposal prompt attention to ensure the overall development of the state.