BREAKING: Oyo Assembly Passes 2020 Budget Into Law, Jacks Up Budget From N208Bn To N213Bn
By Henry Odeh
The Oyo State House of Assembly has on Friday passed into law the 2020 appropriation bill of N213,788,033,002.97.
The 2020 budget of N213 billion represents an upward review of the initial budget proposal of N208 billion which reflects an increase of N5billion as presented at the plenary by Governor Seyi Makinde on November 27th.
The Chairman House Committee on Public Accounts, Finance, and Appropriation, Honourable Kehinde Olatunde, presented the budget at the plenary, the budget is composed of a recurrent expenditure of N110.427,855,990 billion and capital expenditure of N103.360,177,083.97 billion.
Presenting the report, Hon. Olatunde said the budget will be better implemented if the board of internal revenue blocks all leakages in collection of taxes, incorporates the informal sector and automates tax collection.
As drafted by the executive, the approved budget sees the highest sums allocated to public infrastructure and public works, education, health and agriculture.