Makinde dedicates 52 percent of 2020 budget proposal to recurrent expenditure

Oyo State Governor, Seyi Makinde, on Wednesday presented the 2020 budget estimates of N208,802, 972, 878 to the state House of Assembly.

Makinde however went against recent tide by most Nigerian governors, by dedicating 52.1 percent of the budget estimates to recurrent expenditure while 47.9 percent went to capital expenditure.

Most state governments have been dedicating a higher proportion of their budget estimates to capital expenditure.

The governor however said that the importance of the 20 per cent increase on the 2019 budget should not be overlooked.

“Increased allocation to capital projects directly contributes to a more buoyant economy and sustainable development. We will not only be starting new projects but also completing all ongoing projects from the previous administration.”

Read also: Ihedioha presents N198bn budget proposal for 2020 to state assembly

According to the governor, the estimate was carefully prepared, adding that it captured the aspirations of the people of the state in all strata.

The governor further disclosed that his administration was expecting internally generated revenue of N3bn from January 2020, explaining that in October 2019, his administration recorded IGR of N2.7bn.

“I can assure that every kobo of the N208, 802,972,878 is accounted for. Every expenditure is geared towards facilitating the accelerated development of our beloved Oyo State”, Makinde said.

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