Gov. Seyi Makinde on Tuesday in Ibadan forwarded a bill for an upward review of the state’s 2023 approved budget to the Oyo State House of Assembly.
The bill was due to the twin policy measures of the removal of subsidy on Premium Motor Spirit (PMS) and the floating of foreign exchange rates by the Federal Government,
The News Agency of Nigeria (NAN) reports that the bill has now scaled its first reading on the floor of the House .
NAN reports that the bill is seeking to revise the 2023 approved budget for Oyo State from N310,432,500 to N352,282,500.
According to the bill, there was the need to have a budget realignment as the two policy measures by the Federal Government changed the dynamics of the country’s macro-economic environment.
This also affected the business activities of some Ministries, Departments and Agencies (MDAs) in Oyo State.
The Speaker, Adebo Ogundoyin noted that the effect of the policy measures was being felt across the country
“The supplementary budget will help in achieving the roadmap for Sustainable Development Agenda 2023 to 2027 of the present administration in Oyo State.
“It will also ensure that the business activities of the MDAs can thrive in the context of the current macro-economic challenges in the country,” he said.(NAN). READ ALSO:
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