The acting Governor of Oyo State, Bayo Lawal, said on Wednesday that the administration of Governor Seyi Makinde has recorded unprecedented achievements in all sectors.
Lawal said the administration had been able to maintain a lower recurrent expenditure to capital expenditure ratio, stating that for the first time, the state’s 2022 budget had the capital expenditure at 52.97%, more than its recurrent expenditure.
This was contained in a statement by the Chief Press Secretary to the Governor, Taiwo Adisa.
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The acting governor spoke at the 2023 Budget Consultative Forum, the usual precursor to the new budget held in Ibadan.
He explained that the government, out of a total budget of N294.5bn, injected N156bn into the economy through investments in infrastructure and ensuring that people have higher purchasing power.
According to him, for the 2022 fiscal year, the state’s recurrent expenditure is N138bn, which represents 47.3% of the total budget.
“As with the 2021 budget, we used the tenets of the Federation’s Fiscal Sustainability Plan and other development aspirations as our guide,” he said.
Lawal declared that the Makinde administration has embarked on various capital projects that are beneficial to the people in the past three years, stating that the administration would continue to fulfill its promise to deliver massive infrastructure projects that target the economy and cuts across the state.