Oyo State Governor Seyi Makinde has signed the 2019 revised budget of N182.4 billion into law, vowing to implement much part of it.
Concise News understands that the budget is a review of the 2019 Appropriation Act of N285 billion earlier signed in the first quarter of the year by the immediate past Governor Abiola Ajimobi.
This means that the N103 billion was slashed from the N285billion signed into law by Ajimobi.
While speaking after the signing, Makinde said the budget signed into law by his predecessor was not in line with the direction the state should go.
“When we came in, we met a budget of N285 billion for the year,” he said.
“We went into the revenue profile and found out that we were getting roughly N5 billion monthly from the Federal Allocation and the Internally Generated Revenue (IGR) was about N2 billion, making N7 billion roughly every month.
“If I multiply that by 12, that is N84 billion. Immediately, we said there is a hole of N200 billion in the budget. So, we asked questions.”
He added that “The budget performance of the previous years did not go beyond 40 percent in implementation.
“So, we decided that our target for the year would be at least 70 percent budget performance.’’
On his part, the Speaker of the State House of Assembly Adebo Ogundoyin, said the budget passed by the 8th Assembly was over-bloated.
According to him, Makinde had wanted to plan for the state according to its resources.
“You cannot plan your household on an imaginary budget. If you earn N80,000 but you plan your household on N200,000, there is no way you can properly plan for the household,” he said.
“The same thing applies to our state. A budget of N285 billion that was passed by the 8th Assembly was an over-bloated budget.
“There is no way we can assess our performance in terms of budget oversight with such budget.”