Governor Seyi Makinde of Oyo State on Monday presented a budget proposal of N266.6billion to the Oyo State House of Assembly for the 2021 fiscal year.
The appropriation bill tagged, “Budget of Continued Consolidation, the governor said, was prepared with 25.16 per cent increment over the 2020 revised budget.
Makinde stated that over N130.3 billion was allocated to the capital expenditure, while the recurrent expenditure also received over N136.2billion. He said his target was for the capital expenditure to surpass the recurrent expenditure, but the state would get there. He said his administration targets 70 per cent budget performance.
The education sector received the lion share of the 2021 appropriation with the allocation of N56.4billion, which represents 21 per cent of the total budget estimate to the sector.
Makinde said the allocation also represents 12 per cent increment over the 2020 budget, adding that the allocation to the education sector is also well above the recommendation of the United Nations Educational Science and Cultural Organization (UNESCO).
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