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Assembly okays N173.8b as Oyo’s 2016 budget

By Iyabo Lawal, Ibadan
24 March 2016   |   12:28 am
The Oyo State House of Assembly yesterday approved the sum of N173, 769,404,444 as the state’s budget for the 2016 fiscal year.


•Lawmakers explain increase in proposal

The Oyo State House of Assembly yesterday approved the sum of N173, 769,404,444 as the state’s budget for the 2016 fiscal year.

A breakdown showed that N100,651,599,183 billion is for recurrent expenditure while N73,117,805,261 billion goes for capital expenditure.

The state government had last December presented an appropriation bill of N165,097,845,486 to the lawmakers for consideration.

The passed legislation showed a 8.7 per upward review in recurrent expenditure, as capital expenditure leaped by 0.05 per cent while the budget increased by 5.2 per cent.

At its sitting presided over by the Speaker, Michael Adeyemo, the House said the bill was passed after extensive deliberations by its Committee on Public Finance and Appropriation.

Presenting the report earlier, the committee chairman, Bimbo Agbaje, who observed that the budget performance of the preceding year was rather low due to paucity of funds, however, added, that the state government had now adopted modified zero- budgeting for a more realistic approach.

She stated that there was critical consideration of the items under the expenditure sub-head with a view to ensuring that priority was accorded basic needs of socio-economical development of the state.

Agbaje said the budget was jacked up “ to make adequate provision for payment of pension and gratuity for retired local government staff, improvement of sporting activities, funding of newly established tertiary institutions in the state as well as to sustain local governments.”

In his remarks, the Speaker said the amendments were effected due to some exigencies.

“The reason for the amendment was that the newly approved institutions in the state have to be funded for their take-off. We also realised that sporting activity in the state needs improvement. There is no significant improvement in the budget in the places where you see huge amount of money, it was only due to some errors in the calculations of the appropriation which have been resolved.

“Before we passed the budget, we met with the Ministry of Finance, Budget and Planning and we informed them about our discoveries and they were resolved.

“The budget tends to address the critical needs of the state, when you look at the pension fund and infrastructural development – they are well taken care of, and for the first time, the budget considered the sensitivity of the Ministry of Agriculture in terms of looking inwards for the provision of employment for the youths,” Adeyemo added.