The Oyo State House of Assembly has approved the request of the Executive Arm of government led by the state Governor, Engr. Seyi Makinde to review the Oyo state appropriation budget for 2020 from the initial 208 billion naira to 174 billion naira.
The hallowed chamber made this resolution after observing the Third reading of the Oyo state reviewed Appropriation Bill 2020, and a comprehensive report from the House Committee on Public Accounts, Finance and Appropriation has been presented by its chairman and Honourable representing Kajola State Constituency, Hon. Akeem Mustapha.
Recall that the message sent to the house “from the executive” and read by the Speaker of the House, Rt. Hon. Adebo Ogundoyin, stated that “the downward review of the budget is to accommodate the latest financial reality of the nation and the State courtesy of the 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, 087,453, 241.46 billion total budget allocate, of which N108, 905, 099, 631.46 goes for recurrent expenditure while N65, 182, 353, 610.00 is voted for capital expenditure.
