By Bode Akinbode, Ibadan
The Oyo State Governor, Engr Seyi Makinde has signed the reviewed budget of N182billion into law.
He vow that the state would soon attain $1 billion budget status under his administration.
The governor made the vow while signing into law the reviewed 2019 budget, passed by the state House of Assembly at the Executive Council Chambers of the Governor’s Office.
Makinde maintained that the present economic status of the state has made it compulsory to review downward the overbloated budget presented by the immediate-past administration in the state.
His words: “When we came in, we met a budget of N285 billion. We went on the revenue profile and we are receiving N5 billion monthly from the federal allocation.”
“Our internally generated revenue is N2 billion making N7 billion roughly monthly and if I multiply that by 12, that is N84 billion.”
“We need to cut our cloth not according to our size, but available material. We came in when money has been spent to the 5th month of the year. We looked at the profile and if we continue on the path at the end of the year, we could only achieve 35 to 38 budget performance.”
“Aware that there may be issue of ego here, we want the state to get to the 1 billion dollar budget status. I want to give you the assurance that the day we attain that status of 1 billion dollar status under this administration it will not be a photo-trick,” the governor vowed.
Earlier in his address, the Speaker of the state House of Assembly, Mr. Adebo Ogundoyin said the appropriation bill that was signed into law came at a perfect time, adding that it was the usual norm that budgets are always over-bloated, but the case took a new dimension under the current administration in the state.
According to him: “As we all know, most budgets are always over-bloated, but His Excellency, in his own wisdom decided to review the budget according to our available resources.”
“There us no way you can plan for a state without having the actual revenue well accounted for and well appropriated. This is a welcome development.”
“The budget of N285 billion that was passed by the 8th assembly was an over-bloated budget and there us no way we can really assess our performance in terms of budget assessment and plan for the future.”
“By looking at the previous budgets, you could tell that the state had no defined plan for a long term plan and the administration in charge at the time just did things as they came, but this time around, with God helping us, I am sure we are all going to reach the destination point,” the speaker assured.