Oyo 2020 Budget Passes Second Reading

2020 budget passes second reading

The proposed N208.8 billion Budget of the Oyo State government for the 2020 fiscal year was read for the second time today at the State House of Assembly.

The budget which has the highest percentage (23.93%) allocated to infrastructure is targeted at achieving 70 per cent implementation.

The Speaker of the house, Rt. Hon. Adebo Ogundoyin who had promised swift passage of the budget last week during its presentation by Governor Seyi Makinde noted that the budget defense shall commence immediately and every committee of the house is charged to be diligent and patriotic in their legislative responsibilities.

He said, “It is a realistic budget for the masses, and we have given our words to the people of Oyo State that we are going to ensure the budget is approved and hit the ground running by January 2020.

“Oyo State will indeed get on the path to accelerated development, and the lawmakers will not relent in playing their roles towards ensuring the overall development of the state.”

The N208,802,972,878 billion total budget proposal has N100,142,690,046 earmarked for capital expenditure and representing 47.9 per cent of the total budget estimate.
This was an increase of 20 per cent when compared to the 2019 budget.

Also, the total recurrent expenditure for 2020 financial year stood at N108,660,282,832, representing 52.1 per cent of the budget proposal.

Education has 22.37% if the budget, Healthcare at 5.18% and Agriculture at 4.43% of the total budget proposal.

The capital expenditure increased by about 20 per cent, compared to the 2019 budget to directly contributes to a more buoyant economy and sustainable development.

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