Oyo State Governor, Engineer Oluseyi Makinde today presented a budget of N294.5 billion to the state House of Assembly for the 2022 fiscal year, saying that determination to provide more of dividend of democracy influenced the proposed budget.
The Governor proposed N156b representing 52.97 percent for capital expenditure and N138b, representing 47.3b for recurrent expenditure.
According to him, for the 2022 fiscal year, the state is projecting an Internally Generated Revenue (IGR) of N79b, expected to be largely achieved through increasing taxes.
“We will continue to expand our tax base to include more in the informal sector. We already see this working to our advantage as the recently released figures shows that our contributions to Nigeria’s Value Added Tax shot up to over N64 Billion”, he added.
Breaking down the budget proposal, Makinde informed that the highest allocation goes to Infrastructure with N96.6b, representing 32.83 percent, followed by education with N54b, representing 18.37 percent. Health got N17.4b, representing 5.9 percent and and agriculture was allocated N11b, representing 3.84 percent.
