Makinde Presents N266.6bn Oyo Budget For 2021 Fiscal Year

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*education sector takes 21 per cent

By; BAYO AKAMO, Ibadan

Governor Seyi Makinde on Monday in Ibadan presented budget proposal of N266.6 billion  tagged: “Budget of Continued Consolidation” to the state  House of Assembly for the 2021 fiscal year. 

Presenting the budget, the governor said N56.3 billion representing 21 per cent is proposed for the education sector with N46.1 billion (17.2 percent)  for infrastructural development and that a sum of N13.2billion representing 4.9percent is allocated for the establishment of primary health centres across  the 351 wards in the state,

The governor pointed out that though  50.2 per cent was achieved in the 2020  fiscal year, the  state is aiming at achieving  70 per cent in the 2021 fiscal, and that the 2021 appropriation bill was prepared with 25.16 per cent increment over the N177billion 2020 revised budget, saying, “the difference between the two budgets is about N92billion.”

Governor Makinde maintained that over N130.3 billion was allocated to the capital expenditure, while the recurrent will gulp over N136.2billion, saying his target was for the capital expenditure to surpass the recurrent expenditure, but the state would get there, adding, “the total budgeted sum is ₦266,644,273,305.04. This sum represents a 53.16 per cent increase over the 2020 revised budget.” 

“The tenets of the Federation’s Fiscal Sustainability Plan (FSP) and other development aspirations were used as a guide in the preparation of the 2021 Budget. Recurrent Expenditure is N136,262,990,009.41, while the Capital Expenditure is N130,381,283,295.63. Our aspiration is to have a budget where the capital expenditure is higher than the recurrent expenditure as this will lead to more development”, he said.

Engineer Makinde added,  “a comparison between these figures and the total expenditure in the 2020 budget shows that we have been able to shave off about N2 billion in the difference between the recurrent and capital expenditure. If we continue this way, in the next couple of years, we would be talking about the capital expenditure exceeding recurrent expenditure.”

The governor maintained that in the 2021 fiscal year budget, his administration plans ” to increase Internally Generated Revenue (IGR) to N102,824,207,213.46 and that this would be achieved by widening the tax net to bring in more taxpayers into the system, without necessarily increasing the existing taxes being paid.

In his remarks, the Speaker of Oyo State House of Assembly, Hon Adebo Ogundoyin, hinted that members of the House would thoroughly scrutinize the bill and give it accelerated passage, saying the Assembly would work with the Executive and other stakeholders to ensure at least 70 per cent budget performance for 2021, 

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