In a bold step towards sustainable development, Oyo State Governor Seyi Makinde presented the 2024 budget proposal titled the “Oyo State Budget of Economic Recovery,” committing over N434 billion to tackle economic challenges while prioritizing education, health, and infrastructure. Presented to the House of Assembly, the budget proposal earmarks 20.88%—N90 billion—for the education sector, surpassing UNESCO’s global benchmark for education funding. Makinde emphasized the importance of this allocation in addressing the state’s infrastructure and workforce deficits in education, as part of his administration’s continued focus on human capital development.

The budget divides N222.3 billion for capital expenditure and N211.9 billion for recurrent spending, aligning with Makinde’s objective to promote economic growth through substantial infrastructure investments. This capital allocation, which outpaces recurrent expenditure by 2.4%, supports ongoing projects like the 110-kilometer Ibadan Circular Road, the Saki-Ogbooro-Igboho Road, and planned upgrades to Ibadan’s internal roads. Makinde emphasized that these projects are strategically located in areas of comparative economic advantage to maximize the state’s growth potential.

In the health sector, the budget supports the upgrading and equipping of healthcare facilities, leveraging partnerships with international agencies to enhance secondary and tertiary health services. Governor Makinde’s commitment to a well-funded health sector reflects the administration’s goal to address public health needs effectively and raise healthcare standards.

Agriculture also saw an increase, with an additional N4 billion allocated to support smallholder farmers through initiatives like SAfER and the World Bank-supported Oyo State Cares program. This funding aligns with the development of the Fashola Agribusiness Industrial Hub and related projects that drive agribusiness in Oyo State. These efforts have attracted both large and medium-scale agricultural enterprises to the region, boosting local economies, especially around the newly commissioned Oyo-Iseyin road, which has become a thriving business corridor.

In his address, Speaker of the House Rt. Hon. Adebo Ogundoyin praised Makinde’s strategic vision, affirming that the budget proposal would be given priority consideration to ensure prompt implementation. The event was attended by key figures in the state, including Deputy Governor Barr. Bayo Lawal, PDP Deputy Chairman Ambassador Taofeek Arapaja, Chief Judge Iyabo Yerima, and members of the State Elders’ Council. Their presence underscored the broad support for the administration’s efforts to drive economic recovery and sustainable development in Oyo State.