Oyo State governor, ‘Seyi Makinde, has signed the N438.4 Billion Budget, declaring that his administration will demonstrate total fidelity to implementing the budget and ensuring that the state achieves its vision of a well-recovered economy.
The governor who noted that the budget considered the economic situation at the national level and the challenges facing the people, stated that fiscal policy possesses robustness and responsiveness to the situation on the ground.
He added that his administration inherited a Budget performance of 35 percent but succeeded in raising the bar to about 75 percent in 2023, assuring residents of the state that the government would target 80 percent Budget performance in 2024.
The governor lauded the House of Assembly for its doggedness in scrutinising and passing the Budget in good time, saying: “The content of this Budget took into consideration the economic situations we are currently faced with, which started around the middle of the year.
“A new government came in; removed fuel subsidies and stopped the policy of pegging the US Dollar to a Naira and that created a lot of challenges for us. You would all recall that the Labour unions were agitated and that is to show you the seriousness of the issues. And so, we had to reach out, appeal for understanding. But the outcome is that we gave a wage award, initially for six months and the discussion is still ongoing.
“We have to find a more sustainable way to deal with what we are facing. So, this is a Budget that will, apart from anticipating some of the things that will come up, have the robustness to demonstrate that we are quite responsive to what is going on.
“When we came in four years ago, we were faced with identical issues; we met on the ground the issue of a new minimum wage and consequential adjustment and we dealt with it.
“So, this second tenure also, we are starting on a similar note; we are faced with problems that are still out there and we will address the problems and find lasting solutions.”
The governor called for the support and understanding of all the critical stakeholders and residents of the state, noting that his government would be open and accountable to the people.
“On this note, I will call on the Labour unions, the critical stakeholders for support. They should support us and not be against us because it is a problem for all of us. I am using this opportunity to appeal for your understanding, for your support, and from my side, I promise that we will be completely open.
“I will on this note proceed to sign into Law the 2024 Appropriation as passed by the House of Assembly as a demonstration of peace with the House and I also know that the House will reciprocate by ensuring that you give your support to the Executive,” the governor said.
Governor Makinde had, on December 5, 2023, presented a Budget Estimate of N434.2 Billion to the House of Assembly, tagged Budget of Economic Recovery.
The Assembly, however, passed the Appropriation Bill to the tune of N438,447,878,548.39, into law on Tuesday.
Speaking during the Budget Signing Ceremony, the Speaker of the House of Assembly, Adebo Ogundoyin said the House gave the Budget a passage without compromising on due diligence, as it interfaced with all Ministries, Departments and Agencies of government before arriving on the final amount.
He assured that the legislative arm will sustain collaboration with the Executive to deliver the Budget and strengthen the House’s oversight function.
In attendance at the event were top members of the executive arm.
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