The Oyo State governor, Engr. Seyi Makinde on Wednesday presented a budget of N294.5 billion to the State House of Assembly for the 2022 fiscal year.
While presenting the budget tagged “Budget of Growth and opportunities” Makinde noted that the focus of his administration is to move the state forward from poverty to prosperity.
The governor made the budget presentation before the lawmakers in Ibadan on Wednesday.
Makinde, while speaking further, added that his administration will inject N156,000,136,971 into the economy of the state.
A sum of N138,516,308,136 would be spent on recurrent expenditure, Makinde explained.
He maintained that one of the major projects that would be carried out in the year 2022 is the 110km Ibadan Circular Road.
Makinde said, “I have the honour of presenting to the House this N294,516,445,107 2022 Budget Proposal.
“As stated earlier, this is a budget of growth and opportunities. Growth, as we inject N156,000,136,971 into our economy through investments in infrastructure and ensuring that our people have higher purchasing power.
“For the first time, our proposed capital expenditure at 52.97% is more than our recurrent expenditure.
“A major project we will be carrying out in 2022 is 110km Ibadan Circular Road. This tolled road will be a major economic boost as it will create an alternate entry and exit point out of Ibadan and connect the new economic corridor and business district, we are building at Moniya.
“Our recurrent expenditure is N138,516,308,136.”
