Oyo Govt gives breakdown of 2024 Budget proposal,Explains why budget will target economic recovery

 

N2.8billion in its first month of payment and is expected to run for six months.

He noted, however, that the 2024 Budget would focus more on ongoing capital projects and programmes that would boost human capital, unlock the state’s economic potential through agriculture and agribusiness value chain, tourism and solid minerals development, as well as promotion of Public Private Partnership, among others.

The sectoral analysis of the proposed budget showed the government’s commitment to the economic recovery of the state, as the social and economic sectors, which comprise education, health, youth and sports, culture and tourism, agriculture, works and infrastructure and finance received the largest allocations.

Prof Babatunde also used the opportunity to highlight the revenue projections in the budget draft, stating that the state government looks forward to earning N86 billion in statutory allocations, N71.5 billion in Value Added Tax, N10 billion in Excess Crude, N36.3 billion in capital receipts, among others.

He added that the government has projected N72 billion as the Internally Generated Revenue for the year 2024 at the rate of N6 billion monthly, noting, however, that residents of the states should not exercise fears over tax increment.

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Prof Babatunde maintained that the state is reviewing the current tax administration to ensure that more taxable entities are brought into the tax net, while it will also block leakages by improving revenue collection through ICT.

The commissioner also gave an assurance that there would be control and enforcement on spending limits to ensure that a sound budgetary system is put in place to include aggregate fiscal discipline, efficiency and effective spending of the budget.

Earlier in his opening remarks, the Permanent Secretary, Ministry of Budget and Economy Planning, Dr Sunday Ojelabi, said the budget breakdown was necessary so as to involve all stakeholders on the implementation of the 2024 Budget.

Those present at the budget analysis were the Executive Assistant to the Governor on Finance, Budget and Economic Planning, Alhaji Gafar Bello; Special Adviser, Budget and Economic Planning, Hon. Simeon Oyeleke; and Director of Admin and Supplies in the Ministry, Alhaji H.A. Bello, among others.

Signed

Sulaimon Olanrewaju

Chief Press Secretary to Oyo State Governor

December 8, 2023.

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