Engineer ‘Seyi Makinde, the Oyo State Governor has sent a bill for the upward review of 2023 budget to his State’s House of Assembly.
According to the governor, this is as a result of the twin policy measures of the removal of subsidy on Premium Motor Spirit (PMS) and the floating of the exchange rates by the Federal Government.
The bill has passed through the first reading on floor of the House on Tuesday.
Governor Makinde is seeking to revise 2023 approved budget for Oyo State from three hundred and ten billion, four hundred and thirty two million, five hundred thousand naira (#310,432,500.00) to three hundred and fifty two billion, two hundred and eighty two million, five hundred thousand naira only (#352,282,500.00).
According to the bill, there is the need to have a budget realignment as the twin policy measures of the Federal Government has changed the dynamics of macroeconomic environment in the country and affected the business activities of some Ministries, Departments and Agencies (MDAs) in Oyo State.
“The supplementary budget will help in achieving the roadmap for Sustainable Development Agenda 2023 to 2027 of the present administration in Oyo State, and will also ensure that the business activities of the MDAs can thrive in the context of the current macroeconomic challenges in the country.”
The Speaker, Oyo State House of Assembly, Hon. Adebo Ogundoyin, said that the effects of the twin policy measures of the Federal Government are being felt across the country.
Packaged by Adekunle Adegboyega
