Tuesday, July 14, 2026

Infrastructure takes largest chunk as Makinde presents N310 billion 2023 budget in Oyo

Infrastructure took the lead in the budget with N85.7 billion allocation, while the education sector followed with N58.2 billion.

• November 3, 2022
Seyi Makinde

Governor Seyi Makinde of Oyo State on Thursday, presented a budget of N310 billion for 2023 to the State House of Assembly for approval.

Presenting the budget, tagged ā€œBudget of Sustainable Developmentā€, Mr Makinde said that the figure was made up of N154.3 billion capital expenditure, representing 49.79 per cent and  N155.6 billion recurrent expenditure, representing 50.21 per cent.

He said that the focus of the budget was to complete all ongoing projects, rather than starting new ones.

Mr Makinde said that the budget was premised on internally generated revenue of N83.5 billion.

ā€œOur statutory allocation is capped at N50 billion while our VAT is capped at N60 billion.

ā€œWe also have other revenue streams as contained in the detailed budget proposal,ā€ he said.

Infrastructure took the lead in the budget with N85.7 billion allocation, while the education sector followed with N58.2 billion.

ā€œFor this budget, we have continued to prioritise the four pillars of our roadmap to accelerated development in Oyo State 2019-2023, so 27.65 per cent of this budget has been allocated to infrastructure.

ā€œThis is not unexpected as we have always allocated more funds to infrastructure as a sure path to accelerated development, and we are continuing in that stride for sustainable development.

ā€œWe have maintained our record of allocating funds for education that conform to UNESCO standards of 15-20 per cent  of the budget.

ā€œThis time, education is 18.78 per cent of the total budget,ā€ he said.

In his remarks, the Speaker of the House, Debo Ogundoyin said that the budget would be used to consolidate on the foundation laid by the administration since its inception in 2019.

ā€œWhich has given us an edge over all past administrations in Oyo state especially in terms of infrastructure growth, educational development and socio-economic transformation.

ā€œI want to applaud the people’s governor  for setting the pace in all areas of development as attested to by the overwhelming support we have continued to receive from the people of the state,ā€ he said.

(NAN)

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

farmers

Agriculture

FG tasks ECOWAS on leveraging financing strategies for agroecology

The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

ā€œKatsina State is Atiku’s political base because it is his second home.”

Hot news Home top

Xenophobia: Union president beg Tinubu govt to evacuate extra 300 Nigerians willing to leave South Africa

Mr Nwobi further appealed to the South African government to grant Nigerians willing to self-deport a waiver to enable them do so without being arrested and detained.

Senate

NationWide

Senate urges FG to intensify military operations against terrorists, bandits

Mr Bamidele paid tribute to three security operatives who lost their lives during the rescue mission.

Heading 2

Fear mounts as gunmen kill Lagos NURTW organising secretary

The Lagos NURTW chairman, Mustapha Adekunle, said Mr Ajiboye’s demise of left him “deeply saddened and heartbroken.ā€

Heading 1

Alleged Fake Agency: Judge orders PFIPC DG Adeyemi’s arrest for failing to appear in court

Judge Mohammed Umar issued the warrant of arrest while rescheduling Mr Adeyemi’s arraignment for September 30.

NationWide

FTAN seeks review of NIHOTOUR, NTDA Acts over duplicated regulatory functions

Concerns over overlapping regulatory powers have fuelled controversy around the NIHOTOUR and NTDA Acts.

Ride-hailing apps

Lagos

Ride-hailing drivers’ union suspends Lagos chairman over alleged gross misconduct

AUATON was established to protect platform workers from exploitation and unsafe working conditions.