Makinde sends N50b Supplementary budget to Oyo Assembly

Oyo State Governor, Seyi Makinde has sought the consideration and approval of the State House of Assembly for a supplementary budget of N50billion.

The request was contained in a letter sent to the House of Assembly by the Governor and read at plenary by the Speaker, Adebo Ogundoyin.

The plenary which could be described as the second for the day started around 5:30PM after an earlier sitting which was adjourned around 3:30pm.

During the plenary which held earlier, the lawmakers had approved a loan request of N6billion for the governor.

In making the request for the additional budget, the Governor said that the N50billion Supplementary budget was to cater for three major projects not captured in the approved 2021 budget.

The three projects, according to Governor Makinde included, Ibadan Circular Road which takes the largest sum of N25billion, Iseyin -Ogbomoso Road which takes N15billion and Ibadan Airport Improvement which has the lowest sum of N10billion.

According to the letter, “The N50billion will be provided by the Central Bank of Nigeria under the Differentiated Cash Reserves Requirements, DCRR of which N100billion was approved by the House of Assembly.”

With this development, the 2021 budget will increase from N268.7billion to N318.7billion.

At the plenary, the Oyo State Supplementary Finance Bill, 2021 and the Supplementary Appropriation Bill 2021 both scaled through the first and second reading in the house.