The Oyo state governor, Engineer Seyi Makinde, this Wednesday, signed into law the state revised #174 billion 2020 budget.
The brief event held at the Government’s House, Agodi, Ibadan had in attendance the deputy governor, engineer Rauf Olaniyan; the speaker, Oyo state house of assembly, Rt. Hon. Adebo Ogundoyin, amongst other top government officials.
While signing the revised budget into law, government Makinde said the 2020 budget downward review by 18.3% became necessary for the state to at least meet the target of 70% budget performance, noting that with the downward review of the budget, the new 2020 appropriation bill will be well-funded.
Governor Makinde who hinted that he has just signed a letter of request to be forwarded to the Oyo state House of Assembly for the executive arm to take an N100 billion bond loan maintained that all loans taken by his administration will be cleared before the expiration of his tenure.
He added that the N100 billion bond in which its repayment spread over 30 years will be spent on Capital projects which in return will bring in investors and boost the economy of the state.
You will recall that the Oyo State House of Assembly, during its Tuesday plenary, concluded the downward review of the state 2020 budget and cutaway #39 billion from the initial N213billion budget.