Oyo Passes 2020 Budget Into Law

The Oyo State House of Assembly on Friday passed the State Appropriation Bill 2020 of N213 billion into law.

This followed the third reading of the Oyo State Appropriation and Finance Bill 2020 at plenary presided over by the Speaker, Mr Adebo Ogundoyin.

The News Agency of Nigeria (NAN) reports that N110, 427, 855, 990 was for recurrent expenditure while N103, 360, 177,083. 976 was for capital expenditure.

The Chairman, House Committee on Public Accounts, Finance and Appropriation, Mr Kehinde Olatunde, while presenting the report, noted that the approved budget was with a review of N208, 802, 972, 878.

NAN reports that Gov. Seyi Makinde had earlier on Nov. 27 presented a budget of N208, 802, 972, 878 before the House of Assembly.

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Olatunde disclosed that the House adopted a zero-based system, whereby budget was prepared from the scratch rather than adding to the previous budget as it had been the style of the past government.

” The committee on Public Accounts, Finance and Appropriation will undergo training on the proper monitoring of the Ministries, Departments and Agencies to ensure budget performance of 70 to 80 percent, ” he said.