Makinde signs 2023 Oyo’s budget of N310.4bn in Saki


(Oyo State), Dec. 23, 2022

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Gov. Seyi Makinde of Oyo State on Friday signed into law the state budget of N310.4 billion barely 24 hours after the state lawmakers passed it.

Naija247news reports that the budget titled: “Budget of Sustainable Development” was signed on Friday at the headquarters of the Oyo State Agribusiness Development Agenc

(OYSADA) in Saki Town, in Oke-Ogun zone

Naija247News reports that the state House of Assembly had on Thursday passed the state’s 2023 Appropriation Bill of N310.4 billion after a clause-by-clause consideration of items in the financial proposa

The passed budget is about N432.5 million higher than the proposed N310 billion earlier sent to the lawmakers by Makinde on Nov.

While signing the bill, the governor lauded the support and cooperation of the state legislature for its timely passag

He said the budget would aid the completion of some of the ongoing projects in the stat

“Some of the projects we started would be completed in 202

So, this is a budget that has N155.7 billion for recurrent expenditure and N154.8 billion for capital expenditur

“You will notice that recurrent is slightly higher than the capital expenditure and this is because we are going into a transitional period,” he sai

Makinde said that hadministration “has increased the internally generated revenue to over N3.8 billionisd.e.3.e.e.3.l..y, over N3.8 billion.

“When we talk about budget performance, since we came in, we have always performed well above 50 per cent.


“The signing of this budget in Saki is a testimony to the fact that in Oyo State, our economy across all our zones, is indeed an integrated economy,” he said.


In his remarks, the state Commissioner for Budget and Planning, Prof. Misbau Babatunde, described the 2023 budget as “an inclusive one”, adding that the whole state made their inputs into it.

We collated every input together and came up with a conclusion.

“We did not just allocate figures for the budget, it was a rigorous project that science, data and logic guided.

“The figure of the budget we are signing today is what will improve the welfare of the good people of Oyo State,” the commissioner said.

Naija247news recalls that the approved budget comprises a capital expenditure of N154.8 billion and a recurrent expenditure of N155.7 billion.

Prior to the approval, the House Committee on Public Accounts, Finance and Appropriation, had presented its report on the state’s 2023 Appropriation Bill to the lawmakers, which was also adopted.

The third reading, which was read at the plenary by the Chairman, House Committee on Appropriation, Hon. Mustapha Akeem, representing Kajola constituency, took a careful clause-by-clause consideration of the bill by the lawmakers.

The lawmakers, while deliberating on the proposed budget, suggested certain amendments and concluded that the sum of N154.5 billion be changed and amended to N154.8 billion as final amendment for capital expenditure.

Nauja247news reports that highpoints of the budget, as allocated were: Office of the Governor (N400 million); Oyo State Investment, Public and Private Partnership (N800 million) and Oyo State House of Assembly (N8 million).

Others included: Bureau of Public Procurement (N100 million) and Rural Electrification Board (N64 million).


Peter Okafor
Peter Okafor
Peter Okafor Financial Journalist | Editor | Contributor Overview: Peter Okafor is a seasoned Financial Journalist, astute Editor, and valued Contributor at Naija247news Media Group. With an unwavering passion for dissecting complex financial landscapes, Peter has become a trusted name in delivering incisive and insightful coverage of economic events, market trends, and corporate dynamics. Professional Journey Peter's journey in financial journalism has been marked by a commitment to excellence. Joining the ranks of Naija247news, he has consistently demonstrated a keen understanding of the intricate interplay between finance and the global socio-economic fabric. Expertise: Specializing in financial markets, economic analyses, and business developments, Peter Okafor has honed his expertise over the years. His ability to unravel intricate financial narratives and present them in a comprehensible manner sets him apart in the world of financial journalism. Contributions As an Editor and Contributor, Peter has played a pivotal role in shaping the narrative of Naija247news. His contributions extend to thought-provoking articles, in-depth market analyses, and coverage of key events that impact the financial landscape. Educational Background: Peter holds a degree in Journalism, complemented by specialized courses in Finance and Business Reporting. His educational foundation has provided him with the tools to navigate the intricate world of financial journalism. Innovation and Adaptability: In an era of evolving media landscapes, Peter Okafor exemplifies innovation and adaptability. Leveraging digital platforms and emerging technologies, he ensures that financial insights reach a diverse audience, fostering financial literacy and awareness. Awards and Recognition: Peter's commitment to journalistic excellence has not gone unnoticed. He has been the recipient of several awards, recognizing his outstanding contributions to the field of financial journalism. Vision for the Future: Looking ahead, Peter Okafor envisions a future where financial journalism continues to empower individuals, shape economic policies, and drive positive change. His dedication to staying at the forefront of financial news underscores his commitment to this vision. Connect with Peter Okafor: - LinkedIn: [Peter Okafor](#) - Twitter: [@PeterOkafor_N247](#) In the dynamic realm of financial journalism, Peter Okafor stands as a stalwart, combining experience, expertise, and a forward-looking vision to illuminate the path of financial understanding for a global audience.

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