Exclusive

Oyo 2020 Budget Passes Second Reading

Google+ Pinterest LinkedIn Tumblr
Spread the love

Oyo 2020 Budget Passes Second Reading

The proposed N208.8 billion Budget of the Oyo State government for the 2020 fiscal year was read for the second time today at the State House of Assembly.

The budget which has the highest percentage (23.93%) allocated to infrastructure is targeted at achieving 70 per cent implementation.

The Speaker of the house, Rt. Hon. Adebo Ogundoyin who had promised swift passage of the budget last week during its presentation by Governor Seyi Makinde noted that the budget defense shall commence immediately and every committee of the house is charged to be diligent and patriotic in their legislative responsibilities.

He said, “It is a realistic budget for the masses, and we have given our words to the people of Oyo State that we are going to ensure the budget is approved and hit the ground running by January 2020.

“Oyo State will indeed get on the path to accelerated development, and the lawmakers will not relent in playing their roles towards ensuring the overall development of the state.”

The N208,802,972,878 billion total budget proposal has N100,142,690,046 earmarked for capital expenditure and representing 47.9 per cent of the total budget estimate.
This was an increase of 20 per cent when compared to the 2019 budget.

Also, the total recurrent expenditure for 2020 financial year stood at N108,660,282,832, representing 52.1 per cent of the budget proposal.

Education has 22.37% if the budget, Healthcare at 5.18% and Agriculture at 4.43% of the total budget proposal.

The capital expenditure increased by about 20 per cent, compared to the 2019 budget to directly contributes to a more buoyant economy and sustainable development.

 

Last week,  27th November, 2019 the state Governor presented the budget to the House of Assembly .

Excerpt from his speech are as follows:

 

It was an honour to present the Oyo State Budget Proposal for the 2020 Fiscal Year to the Oyo State House of Assembly, this morning. I assured the Honourable Members of the House that Every Kobo of the N208,802,972,878 Billion is accounted for.

“It is a budget that captures the aspirations of the good people of Oyo State. A budget that every woman, man, and child in Oyo State can relate to and be proud of. A budget in keeping with our Roadmap for Accelerated Development in Oyo State 2019-2023.

Our budget.
We are aiming for at least 70% budget implementation. We believe we can even exceed this because we are not building castles in the air. Our proposed budget income matches our proposed expenditure.

Infrastructure has the highest percentage allocation in the 2020 Fiscal Year’s Budget at 23.93% of the total sum allocated. It is our plan to be bullish with infrastructural development, especially road construction.

Governor Seyi Makinde presenting Budget 2020

“Light Up Ibadan” project, the installed Smart LED Street Lights in Ibadan will be replicated across the major towns and cities in Oyo State. Government will also procure new fire fighting vehicles, ambulances, water tankers and communication equipment.

In the 2020 budget proposal, we have provided for capital projects in the education sector along with regular payment of subvention. For these reasons, Education comes a close second to Works with a total allocation of 22.37% of the budget.

The other areas which have been prioritized in the 2020 budget proposal are Healthcare at 5.18% and Agriculture, to drive our economy, allocated 4.43% of the total budget proposal.

We were able to keep the personnel cost down by over 10% compared to the 2019 budget. One of the key reasons for this is that we are carrying out a staff audit and creating a database of all staff in the Oyo State civil and public service. This ensures that we do not pay ghost workers or persons who possess fake certificates.

Our capital expenditure increased by about 20% compared to the 2019 budget. Total capital expenditure of N100.14 Billion, is 47.9% of the total budget estimate. Increased allocation to capital projects directly contributes to a more buoyant economy and sustainable development.

When we set out to prepare the budget, our aim was to keep the budget realistic. To prepare a budget where projected revenue matches projected cost, unlike what has been the practice in the past. I am happy to report that we have kept our promise to the people of Oyo State.”.

 

Follow KBJOJO News update on Governor Seyi Makinde via the hashtag #GSM below

1,523 total views, 21 views today

Write A Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.