Governor Seyi Makinde’s request to jerk up the state’s budget from the total sum of 310.4 billion naira (N310, 422 500 000) to a new total sum of 352.2 billion naira (N352, 282 500 000) has scaled first reading at the state assembly.
The supplementary budget was necessitated by the twin policy measures of the removal of subsidy on Premium Motor Spirit (PMS) and the floating of the exchange rates by the Federal Government, westernmirror.com.ng has gathered.
The executive Bill scaled first reading on the floor of the House on Tuesday October 24 during its legislative proceeding.
According to the Bill, there was the need to have a budget realignment as the twin policy measures of the Federal Government has changed the dynamics of macroeconomic environment in the country and affected the business activities of some Ministries, Departments and Agencies (MDAs) in Oyo State.
“The supplementary budget will help in achieving the roadmap for Sustainable Development Agenda 2023 to 2027 of the present administration in Oyo State, and will also ensure that the business activities of the MDAs can thrive in the context of the current macroeconomic challenges in the country.”
The Speaker, Oyo State House of Assembly, Hon. Adebo Ogundoyin said the effects of the twin policy measures of the Federal Government are being felt across the country.
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