Oyo State Governor, Seyi Makinde, on Wednesday, presented a N294 billion budget to the state House of Assembly.
The budget which is for the 2022 fiscal year was presented before the lawmakers at the floor of the state House of Assembly in Ibadan, the state capital.
Makinde said the budget is committed to high quality infrastructure in the state.
The Governor in his presentation, said his administration will allocate N156,000,136,971 to the economy of the state, while N138,516,308,136 would be spent on recurrent expenditure.
One of the major projects that would be carried out in the year 2022, according to him, is the 110km Ibadan Circular Road.
He 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.”