Governor Seyi Makinde of Oyo State has presented a budget of N294 billion to the state House of Assembly.
Makinde made the budget presentation before the lawmakers in Ibadan on Wednesday.
The budget is for the 2022 fiscal year. He christened the budget as the budget of growth and opportunities.
Makinde, while speaking further, added that his administration will inject N156,000,136,971 into the economy of the state.
According to the governor, a sum of N138,516,308,136 would be spent on recurrent expenditure.
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.”