The Oyo State House of Assembly has moved to review the Oyo state appropriation budget for 2020 from the initial 208 billion naira to 169 billion.
The bill titled “Reviewed Appropriation Bill, 2020” was read for the first time while the house was observing Plenary at its chamber on wednesday.
According a the message sent to the house “from the executive” and read by the Speaker of the House, Rt. Hon. Adebo Ogundoyin, 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.
Before the COVID – 19 effect on Oyo state and Nigeria economy, Oyo State government budgeted N208.8 billion for the 2020 fiscal year, but now the Executive Governor, Engr. Seyi Makinde has requested for a review to reduce it to N169.97 billion.
The government in the newly proposed N169,975,762,730.00 billion total budget allocate N104,982,971,570 for recurrent expenditure, while N64,992,791,160 is voted for capital expenditure.
NationalinsightNews.com gathered that the Oyo State government three months earlier announced 50 percent and 30 percent salary slash of all senior political appointees and lawmakers respectively to ensure the effect of COVID-19 pandemic on the global economy does not affect the welfare and payment of workers salary.