The Oyo State House of Assembly on Thursday passed the state’s 2023 appropriation bill of N310 billion (N310,432,500,000) into law.
According to the News Agency of Nigeria (NAN), the lawmakers passed the bill after a clause-by-clause consideration of items in the financial proposal.
The passed budget is N432.5 million higher than the proposed N310 billion earlier sent to the lawmakers by Governor ‘Seyi Makinde on 3 November.
The approved budget comprises a capital expenditure of N154.8 billion (N154,755,366,965) and a recurrent expenditure of N155.7 billion (N155,677,138,337).
Before the passage of the budget, the House Committee on Public Accounts, Finance and Appropriation, had presented its report on the state’s 2023 Appropriation Bill to the lawmakers, which was adopted.
After the third reading at plenary by the Chairman of the House Committee on Appropriation, Mustapha Akeem, representing Kajola constituency, the lawmakers did a clause-by-clause consideration of the bill.
The lawmakers, when deliberating on the proposed capital expenditure, suggested certain amendments and concluded that the initial sum of N154.3 billion be changed and amended to N154.8 billion.
The recurrent expenditure, as passed, stands at N155.7 billion, as against the N155.65 billion, proposed by the governor.
After the deliberations and amendments, the Speaker, Debo Ogundoyin, moved the motion to adopt the appropriation bill into law, which the lawmakers unanimously voted for its passage into law.
NAN reported that high points of the budget, as allocated are: Office of the Governor N400 million; Oyo State Investment, Public and Private Partnership N800 million and Oyo State House of Assembly N8 million.
Others include the Bureau of Public Procurement (N100 million) and the Rural Electrification Board (N64 million).
(NAN)