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The supplementary budget presented to the Oyo State House of Assembly by Governor Seyi Makinde scaled 2nd reading Thursday.
The Bill for supplementary budget revision and realignment also passed through 2nd reading during the plenary session presided over by the Speaker, Oyo State House of Assembly, Hon. Adebo Ogundoyin.
A total of Seventy-Nine Billion, Three Hundred and Thirty-Seven Million Naira (#79,337,000,000.00) is the total amount proposed as supplementary budget.
The 2024 Budget will now increase from Four hundred and Thirty-Eight Billion, Four Hundred and Forty-Four Million, Eight and Seventy-Eight thousand, Five hundred and Forty-Eight naira, Thirty-Nine kobo only (#438,447,878,548.39) to Five hundred and Seventeen Billion, Seven hundred and Eighty-Four million, Eight hundred and Seventy-Eight thousand, Five hundred and Forty-Eight naira, Thirty-Nine kobo only (#517,784,878,548,39) for both recurrent and capital expenditures.
The total proposed additional expenditure is One Hundred and Forty-Seven Billion and Sixty-Seven Million Naira (#147,067,000.00) only. From this figure, the share of recurrent expenditure is Fifty Billion, Three Hundred and Twenty-Seven Million Naira (#50,327,000,000.00) only representing 34.22% while the share of capital expenditure is Ninety-Six Billion, Seven Hundred and Forty Million Naira (#96,740,000,000.00) only representing 65.78% of the proposed figure.
The supplementary budget is part of efforts of Governor Seyi Makinde to address economic challenges and ensure effective implementation of critical key projects across Oyo State, and the payment of approved minimum wage for State Civil/Public service.
The House while commending Governor Seyi Makinde said it was imperative to approve the supplementary budget to enable the present administration to execute its projects and programmes for the year under review.
The two Bills were later committed to the House Committee on Finance and Appropriation for further scrutiny.
