By Aanuoluwapo Fasoyin
The Oyo state government says machineries have been put in place to sustain the 2024 budget despite the economic situation of the country.
The state Commissioner for budget and economy planning, Professor Musibau Babatunde, gave the assurance during the breakdown of the proposed 2024 budget at the Ministry of Finance, Secretariat, Ibadan.
Presenting the analysis of the budget proposal, Professor Babatunde, noted that the fiscal challenges have increased due to fuel subsidy removal, floating of the exchange rate and weak national economic performance.
He however said that the state government was reviewing the current tax administration towards improving internally generated revenue, IGR of the state.
The commissioner added that efforts would also focus on blocking financial leakages through key public financial reforms and improve revenue collection through ICT.
Professor Babatunde also assured that the state government has put into consideration the need to cushion the effects of the financial reforms on vulnerable residents of the State.
The breakdown of the proposed 2024 budget of 434.2 billion Naira shows that recurrent expenditure would gulp 211.8 billion Naira while capital expenditure has 222.3 billion Naira.
