Home Politics Oyo Assembly Approves Gov. Makinde’s Request To Review 2020 Budget

Oyo Assembly Approves Gov. Makinde’s Request To Review 2020 Budget

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…Budget cuts from N208bn To N174bn

By Richard Thomas, Ibadan

Oyo State House of Assembly has approved the request of the state governor,  Engr. Seyi Makinde to review the Oyo state appropriation budget for 2020 from the initial N208 billion to N174 billion.

The  House made this resolution after observing the Third reading of the state reviewed Appropriation Bill 2020, followed by a comprehensive report from the House Committee on Public Accounts, Finance and Appropriation presented by its chairman, Honourable Akeem Mustapha.

The development followed a message from the executive, requesting the House on the budget review.

Presiding, the Speaker of the House,  Honourable  Adebo Ogundoyin, stated that the downward review of the budget was to accommodate the latest financial reality of the nation and the State occasioned by  COVID-19 pandemic which has led to drastic drop in oil price, national revenue and subsequently reduction in federal allocation to States and revenue generation in Oyo State.

The newly approved appropriation bill is said to have N174.09 billion total budget allocate, of which N108. 91billion  goes for recurrent expenditure while NN65.18 billion is voted for capital expenditure.

Addressing the House of Assembly correspondents on the development, the chairman House Committee on Public Account, Finance and Appropriation, Hon. Mustapha said the step became necessary in order to help the governor improve and manage the economics of the state.

 

 

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