Oyo State Governor, Seyi Makinde has
increased the 2023 budget by 41,950,000,000.00 billion naira only
The increase in state’s financial budget for 2023 was to have been a result of
Subsidy Removal, High Exchange Rate.
Speaking, the Commissioner for Budget and Economic Planning, Prof. Musbau Babatunde said Exco approved the realignment of the 2023 supplementary budget, to be presented to the Oyo State House of Assembly for approval.
He said the decision was necessitated by the twin economic policy of subsidy removal and the unification of exchange rates has led to some shifts in macro-economic fundamentals in the state, concerning inflation, exchange, and interest rates.
The Commissioner said the Oyo State Government took into decision certain projects that are going on, overridden by costs.
He added that requests by MDAs on the need to situate their current budget performance in the context of the shift in macroeconomic fundamentals.
Babatunde said the increment in the 2023 budget size is from Three Hundred and ten billion, Four hundred and thirty-two million, five hundred thousand naira (N310,432,500,000.00) to the sum of Three hundred and Fifty-two billion, Three hundred and Eighty-two million, five-hundred thousand, (N352,382,500,000.00)
The Commissioner also said idle funds in some MDAs have been realigned in line with the current economic realities.
He said the Oyo State Government is currently negotiating with the Nigeria Labour Congress, and decisions taken from the meeting will be included in the realigned supplementary budget.
The Commissioner said the Medium Term Expenditure Framework (2024-2026) on which the 2024 budget will be premised has been approved by the Exco.
The approved figure for this is Four Hundred and Twenty-four Billion, Four Hundred and ten Million, Six hundred and eleven Thousand, Nine hundred and thirty-eight naira (N424,410,611,938.00).
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