“The people have again spoken and based on their feedback; we have prepared our budget for the 2022 Fiscal Year. “For the first time, our proposed capital expenditure at 52.97 per cent is more than our recurrent expenditure. A major project we will be carrying out in 2022 is 110km Ibadan Circular Road. This tolled road will be a major economic boost as it will create an alternate entry and exit point out of Ibadan and connect the new economic corridor and business district, we are building at Moniya
… It is a Budget of Growth and Opportunities
…Allocates 52. 97% to capital expenditure, 29.11 % to infrastructure
From Bola Ogunlayi, Ibadan.
Governor Seyi Makinde of Oyo State, has presented a sum of N294,516,445,107.00 to the State Assembly as the budget proposal for the 2022 fiscal year. In the 2022 Appropriation Bill, a sum of N156,000, 136,971.00 is for capital expenditure representing 52.97 per cent of the appropriation. The recurrent expenditure is N138,516,308,136.00, representing 47.3 per cent of the total budget. Tagged, “A Budget of Growth and Opportunities”, he allocated a sum of N75,626,464,217.00 representing 29.11 per cent for infrastructure.
The governor said his administration was determined to meet the yearnings of the residents for high quality infrastructure, hence the high allocation to the sector. Said he,”We are determined to meet their yearnings for high quality infrastructure in the state and that is why we continually embarking on road rehabilitations and reconstructions. In the immediate, we are carrying out palliative works on these roads. Mr Speaker, Honorable Members of the House, in keeping with our tradition in the last two years, we again embarked on a Townhall Meetings on the 2022 budget and given stakeholders the opportunity to contribute towards the direction of this budget.
The people have again spoken and based on their feedback; we have prepared our budget for the 2022 Fiscal Year. “For the first time, our proposed capital expenditure at 52.97 per cent is more than our recurrent expenditure. A major project we will be carrying out in 2022 is 110km Ibadan Circular Road. This tolled road will be a major economic boost as it will create an alternate entry and exit point out of Ibadan and connect the new economic corridor and business district, we are building at Moniya. “Also, we will commence the reconstruction of the Iseyin-Ogbomoso Road to further boost economic activities in the state.
“As stated earlier, this is a budget of Growth and Opportunities. Growth, as we inject N156,000,136,971.00 into our economy through investments in infrastructure and ensuring that our people have higher purchasing power. “Opportunities, as we continue to create an enabling environment for the private sector to thrive and open our doors to both local and foreign investors in agribusiness, tourism and other sectors. “In the next few weeks, we will be welcoming the world to Ibadan as we host the Oyo Agribusiness Summit 2021.
This is a collaboration between the Oyo State Agribusiness Development Agency (OYSADA) and the International Institute of Tropical Agriculture (IITA). Let me use this opportunity to invite you all to come and be part of this three-day event. Of course, we have maintained a lower recurrent expenditure to capital expenditure ratio.
“For the 2022 fiscal year, our recurrent expenditure is N138,516,308,136.00. This represents 47.3 per cent of our total budget. “For the 2022 Budget proposal our budgetary allocation to the Education sector at N54,216,227,069.00 represents 20.87 per cent of the total budget.
As it can be noted, we have continued our tradition of keeping the education allocation above UNESCO standards.
The highest allocation of N75,626,464,217.00 goes to Infrastructure. This is 29.11 per cent of the total budget. “We will continue to reduce the infrastructural deficit in Oyo State. Our total proposed Healthcare budget is N15,585,741,792.00, that is or 5.23 per cent of the budget”.
Giving a report on the performance on the 2021 budget going by half-year analysis, Makinde said: “The Oyo State Budget performance stood at 60%. We still have our sights on raising this to 75% before year-end”. In a remark, the Speaker of the State House of Assembly, Rt Hon Adebo Ogundoyin, said early presentation of the budget was a milestone. He therefore promised that the house would give it timely and diligent consideration.
Ogundoyin said:”Today’s occasion is another milestone in the history of Government in Oyo State. “This is because, we are here in September, 2021 receiving the 2022 Budget proposal from the Oyo State Governor, His Excellency, Engr Seyi Makinde.
“With this development, we are surely going to have enough time to scrutinize and consider the two bills, and this will help Oyo State to keep to the January to December Budget circle.
“This presentation will spur us as lawmakers to redouble our efforts in terms of oversight functions to ensure strict and complete monitoring and implemention of the budget after its passage and assent to further enhance the economic prosperity and potentials of the State in the next fiscal year. “
To this end, we are going to do everything possible to maintain the good working relationship existing amongst all the three tiers of Government. But we will also not fail in discharging our duties and providing the checks and balances crucial for achieving a transparent, accountable and prudent Government”.