The Oyo State House of Assembly has reduced the 2020 budget from N208 billion to N174 billion.
The decision to reduce the budget was based on a request by the Seyi Makinde led executive arm that the House should review the state’s 2020 budget.
The resolution was reached at the hallowed chamber after a third reading of the Reviewed Appropriation bill and a comprehensive report from the House Committee on Public Accounts, Finance and Appropriation has been presented by it’s chairman and Honourable representing Kajola State Constituency, Hon. Akeem Mustapha.
OYOINSIGHT.COM recalls that the request sent to the house read on part: “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.