Economy
ACTING Oyo State Governor Bayo Lawal said yesterday that the Governor Seyi Makinde administration recorded achievements in all sectors.
He said the government in the last three years operated open and inclusive governance.
Lawal said the administration maintained a lower recurrent expenditure to capital expenditure ratio, adding that for the first time, the 2022 budget had the capital expenditure at 52.97 per cent, more than its recurrent expenditure.
A statement by the Chief Press Secretary to the governor, Mr. Taiwo Adisa, quoted the Acting Governor as saying this at the 2023 Budget Consultative Forum, the precursor to the new budget, held at the International Conference Centre, University of Ibadan, Ibadan.
Lawal, who led top government functionaries and other stakeholders to the state’s inclusive budget initiative, explained that the government, out of a total budget of N294.5billion, injected one hundred and fifty-six billion, one hundred and thirty-six thousand, nine hundred and seventy-one naira (N156,000,136,971.00) into the economy through investments in infrastructure and ensuring that people have higher purchasing power.
According to him, for the 2022 fiscal year, Oyo State’s recurrent expenditure is one hundred and thirty-eight billion, five hundred and sixteen million, three hundred and eight thousand, one hundred and thirty-six naira (N138, 516,308,136.00), which represents 47.3 per cent of the total budget.
“As with the 2021 budget, we used the tenets of the Federation’s Fiscal Sustainability Plan (FSP) and other development aspirations as our guide,” he said.
Lawal said the Governor Makinde administration embarked on capital projects beneficial to the people in the past three years, adding that the administration would fulfil its promise to deliver massive infrastructure projects that targeted the economy and cut across the state.
-The Nation
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Tags: Bayo Lawal Seyi Makinde Taiwo Adisa
