The Oyo State House of Assembly has swung into action to review the 2020 appropriation budget for the state.
The Reviewed Appropriation Bill, 2020 was read for the first time during the Wednesday Plenary by the Speaker of the House, Rt. Hon. Adebo Ogundoyin. The Bill stated that a downward review of the budget was necessary to adjust to the current financial situation of the nation and the state as a result of the COVID-19 pandemic which has led to a drastic drop in oil price, national revenue and subsequently, reduction in federal allocation to states and revenue generation in Oyo State.
The Oyo State government had a budget of N208.8 billion for the 2020 fiscal year before the dwindling economy. However, the State Governor, Engineer Seyi Makinde has requested for readjustment of the budget to N169.97 billion.
The proposed N169,975,762,730.00 billion total budget is divided in to N104,982,971,570 allocated for recurrent expenditure, and N64,992,791,160 for capital expenditure.
Before now, the Oyo State government had introduced a 50 per cent and 30 per cent salary slash for all senior political appointees and lawmakers respectively to ensure that the effect of COVID-19 pandemic on the global economy does not affect the welfare and payment of workers salary in the state.