Oyo State Governor, Seyi Makinde, is seeking the consideration and approval of the State House of Assembly for a supplementary budget of N50 billion to fund 3 projects in the state.
This was disclosed in a letter the Governor sent to the House of Assembly and read by the Speaker, Mr Adebo Ogundoyin, according to the News Agency of Nigeria.
The Speaker said the Governor revealed the necessity of the supplementary budget which is to fund 3 major projects without provisions in the initial 2021 budget. The projects include the Ibadan Circular Road, set to take the largest sum of N25 billion; the Iseyin-Ogbomoso road at N15 billion and the Ibadan Airport improvement project gulping N10 billion.
He added that “the N50 billion would be provided by the Central Bank of Nigeria under the Differentiated Cash Reserves Requirements (DCRR), of which N100 billion was approved by the House of Assembly.”
An ad-hoc committee on the supplementary budget was constituted by the speaker and would be chaired by Mr Akeem Mustapha (Kajola Constituency).
If the supplementary budget is approved, the 2021 budget is expected to jump from N268,770,964,860 to N318,770,964,860.
What you should know
Nairametrics reported in November 2020 that State Governor, Seyi Makinde, presented the Budget Proposal for the 2021 Fiscal Year to the Oyo State House of Assembly. The total budgeted sum is ₦266.64billion, with education expected to receive N56.35billion – 21% of the budget, a rise from N12 billion budgeted in 2019.