Oyo Assembly approves N42bn supplementary budget

Posted by Timige, On 21 Nov, 2023 | Updated On 21 Nov, 2023 No Comments »


The Oyo State House of Assembly, on Tuesday, passed into law a 2023 supplementary appropriation bill to the tune of about N42billion.

The passage into law of the supplementary budget is yielding to the request of Governor Seyi Makinde for the Assembly to upwardly increase the 2023 approved budget from N310,432,500.00 to N352,282,500.00.

Makinde had, in the request letter dated October 16, said there was need to upwardly review the 2023 budget

 owing to the need to realign the budget of Ministries, Departments and Agencies (MDAs) in line with present macroeconomic fundamentals, exchange rate, interest rate shifts and other economic fluctuations.

He added that the alignment will efficiently reallocate idle funds and enable MDAs situate the year’s budget performance in line with current macroeconomic fundamentals.

The approved sum brings the 2023 budget to a recurrent expenditure of N169,477,038.38 and capital expenditure of N182,805,366,965.62.

The supplementary budget was passed after the House Committee on Finance, Appropriation and State Economic Planning presented its report at plenary.

The report of the Honourable O.S. Babalola led committee held that it considered the inputs of the State Ministry of Budget and Economic Planning and projections in the Oyo State Government Medium Term Expenditure Framework (MTEF) before approving of the supplementary budget.

Also identified as imperative, in approving the budget, is the need to cater for the impacts of the removal of subsidy on Premium Motor Spirit, the floating of the exchange rates on the state government’s spendings.

Among those who have new budget figures in the amended budget are the Office of the Governor; Oyo State House of Assembly, House of Assembly Service Commission, Ministry of Public Works & Transport, Ministry of Finance, Ministry of Energy and Mineral Resources, Oyo State Investment Promotion & Public Private Partnership Agency, Oyo State Primary Health Care Development Agency, Ministry of Health, Oyo State Agribusiness Development Agency, Ministry of Justice, and Ministry of Special Duties.

Source: State Oyo - Tribune

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