Seyi Makinde, governor of Oyo state, says the initial N285 billion 2019 budget presented to the house of assembly was unrealistic.
In a tweet on Wednesday, the state governor said he signed a revised budget of N182 billion.
This afternoon, I signed the Oyo State Appropriation Review and Finance Bill, 2019, a revised budget for the state, into law. In view of the current financial state of our state, the budget of N285B approved by the previous administration was unrealistic. pic.twitter.com/rKfNcDVA8z
— Seyi Makinde (@seyiamakinde) September 4, 2019
NAN reports that the reviewed budget allocated N98 billion for recurrent expenditure while N83.62 billion was allocated for the capital expenditure, meant for the services of Oyo state in the year ending Dec. 31, 2019.
The N285 billion budget approved for 2019 fiscal year by Abiola Ajimobi, the immediate past governor of the state, was termed a budget of transition.
The budget was meant to consolidate in the gains of Ajimobi’s administration and prepare for the smooth take-off of Makinde’s administration.
The budget review was in pursuant to the resolution of the house on Thursday, August 29, 2019.
The house committee recommended that Makinde be commended for his magnanimity, in approving the release of 100% subvention to all state-owned tertiary institutions to fulfil payment of their staff salaries and other entitlements.
The executive arm of government was urged to pay priority attention to the implementation of the approved 2019 capital expenditure of ministries, departments and agencies (MDAs), to facilitate good governance in the state.
The state government was implored to provide necessary finances and logistic support, to all revenue-generating MDAs to facilitate and improve their revenue generation to the coffers of the state government.
