The Oyo State House of Assembly has approved an increase in Supplementary Appropriation and Realignment bill of ₦79,337,000,000.00 (Seventy Nine Billion, Three Hundred and Thirty-Seven Million Naira) presented to it by Governor Seyi Makinde to the sum of ₦121.3 Billion (One Hundred and Twenty-One Billion,Three Hundred and Eighty-Two Million, Three Hundred and Thirty-Six Thousand, Seven Hundred and Ninety-Nine Naira).
The House also approved the new sum of ₦121.3 billion as the new total supplementary finance appropriation bill for the 2024 fiscal year.
The approval follows the presentation of Committee report to the House during its Thursday’s plenary sitting by Honorable Babalola Olasunkanmi; Chairman, House Committee on Finance and Appropriation.
The House gave the approval for the new sum after clause by clause consideration.
With the approval of the new supplementary finance appropriation from ₦79.3 billion to ₦121.3 billion, the total Oyo state budget for the current fiscal year 2024 now stands at ₦559.8 billion.
The approval was made during Thursday’s plenary sitting, where lawmakers expressed support for the new appropriation which they said aimed at enhancing key sectors in the state.
Oyo state currently implements the 2024 Appropriation budget sum of N438.4 billion which was approved by the House of and subsequently assented into law by Governor Makinde.
During legislative deliberation at the floor of the House, lawmakers in their separate submissions noted that the supplementary budget designed to address urgent needs in infrastructure, and other key sectors was in order considering the prevailing economic challenges occasioned by the twin policies of the federal government; removal of petrol subsidy and high foreign exchange rates with impacts on cost of goods and services.
Governor Makinde’s message as contained in his letter addressed to the house in accompany of the supplementary budget proposal had emphasized the importance of these funds in addressing emerging and pressing economic exigencies.
The governor’s message stated further that the supplementary budget, when approved, would help accelerate execution of ongoing projects amid the skyrocketing cost of goods and services due to economic unfavorable factors such as high inflation and foreign exchange rates.