Oyo State Governor, Seyi Makinde, has cut down the state’s 2019 budget from N285 billion to N182 billion.
The governor said in a tweet on Wednesday that the initial budget presented to the house of assembly was unrealistic.
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Mr Makinde said: “This afternoon, I signed the Oyo State Appropriation Review and Finance Bill, 2019, a revised budget for the state, into law. In view of the current financial state of our state, the budget of N285B approved by the previous administration was unrealistic.”
He added: “We’ve revised the budget downward to N182B; this includes an upward review of the budget for education to 10%. Our admin will work towards improving the economy of the state so that subsequent budgets match our financial capabilities and budget implementation is above 70%.”
The reviewed budget allocated N98 billion for recurrent expenditure while N83.62 billion was allocated for the capital expenditure, meant for the services of Oyo state in the year ending December 31, 2019.
Immediate past governor, Abiola Ajimobi, had approved the N285 billion budget.
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The budget review was in pursuant to the resolution of the house on Thursday, August 29, 2019.
The house committee recommended that Makinde be commended for his magnanimity, in approving the release of 100% subvention to all state-owned tertiary institutions to fulfil payment of their staff salaries and other entitlements.
