On Tuesday, Governor Seyi Makinde forwarded a bill for an upward review of the state’s 2023 approved budget to the Oyo State House of Assembly.
The bill was due to the twin policy measures of the removal of petrol and the floating of foreign exchange rates by the federal government.
The bill has now scaled its first reading on the floor of the House.
The bill seeks to revise the 2023 approved budget for Oyo State from N310,432,500 to N352,282,500.
Read Also:
According to the bill, there was a need to have a budget realignment as the two policy measures by the federal government changed the dynamics of the country’s macroeconomic environment.
This also affected the business activities of some Ministries, Departments, and Agencies (MDAs) in Oyo State.
The speaker, Adebo Ogundoyin, noted that the effect of the policy measures was being felt across the country.
“The supplementary budget will help in achieving the roadmap for Sustainable Development Agenda 2023–2027 of the present administration in Oyo State.
“It will also ensure that the business activities of the MDAs can thrive in the context of the current macroeconomic challenges in the country,” he said.
(NAN)
