Oyo lawmakers unanimously pass N173bn appropriation bill into law

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Oyo lawmakers have unanimously pass Ajimobi’s N173bn appropriation bill

Oyo State House of Assembly on Tuesday passed N173billion appropriation bill into law. Governor Abiola Ajimobi had presented the budget for the 2016 fiscal year to the state legislature a few weeks ago.

The total figure was put at N173,769,404,444 billion by the state lawmakers.

The breakdown shows that N100,651,599,183 billion is for recurrent expenditure, while N73,117,805,261 billion is budgeted for capital expenditure.

The initial amount presented by the governor was N165,097,845,486 , but the recurrent expenditure now has an upward review of 8.7 per cent, capital expenditure 0.05 per cent and the budget size has a total increase of 5.2 per cent.

The Assembly Speaker, Michael Adeyemo, after the unanimous consent of the entire legislature passed the budget, shortly after the house considered the outcome of deliberations of its Public Finance and Appropriation Committee headed by Bolanle Agbaje tabled its report before the committee of the whole.

Presenting the report earlier, Hon Agbaje observed that the budget performance of the preceding year was rather low due to the paucity of funds, but noted that the state government has now adopted the modified zero-based budgeting for a more realistic approach.

She also stated that there was critical consideration of items of expenditure to ensure that priority is giving to the basic need of socio-economical development of the state.

Justifying reasons for the upward review of the budget, Agbaje said:” to make adequate provision for payment of pension and gratuity for retired local government staff, to improve sporting activities, funding of newly established tertiary institutions in the state and to sustain local governments”

Similarly, the Speaker said the amendments were made due to some exigencies.

Source: Oyo State Government Communication Team

 

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