Gbenro Adesina
Following the negative effect of the outbreak of Covid-19 on the economy of Oyo State, the Oyo State House of Assembly has moved to review the 2020 appropriation budget from N208.8 billion to N169.97 billion.
The bill titled “Reviewed Appropriation Bill, 2020”, was read for the first time during the Wednesday July 15, 2020 Plenary.
According to the message from the executive, read by the Speaker of the House, Rt. Hon. Adebo Ogundoyin, 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.
Before the dwindling economy, Oyo State Government budgeted N208.8 billion for the 2020 fiscal year, but now Governor Seyi Makinde is requesting for review to N169.97 billion.
The newly proposed N169,975,762,730.00 billion total budget has N104,982,971,570 earmarked for recurrent expenditure, while N64,992,791,160 is voted for capital expenditure.
