The Oyo State House of Assembly has moved to review the 2020 appropriation budget.
The bill titled Reviewed Appropriation Bill, 2020 was read for the first time during the Wednesday Plenary.
According to the message from the executive read by the Speaker of the House, Rt. Hon. Adebo Ogundoyin the downward review of the budget is to accommodate the latest financial reality of the nation and the State courtesy of the COVID-19 pandemic which has led to drastic drop in oil price, national revenue and subsequently reduction in federal allocation to States and revenue generation in Oyo State.
Before the dwindling economy, Oyo State government budgeted N208.8 billion for the 2020 fiscal year, but now the Executive Governor, Engineer Seyi Makinde has requested for review to N169.97 billion.
The newly proposed N169,975,762,730.00 billion total budget has N104,982,971,570 earmarked for recurrent expenditure, while N64,992,791,160 is voted for capital expenditure.
Three months earlier, the Oyo State government announced 50 percent and 30 percent salary slash of all senior political appointees and lawmakers respectively to ensure the effect of COVID-19 pandemic on the global economy does not affect the welfare and payment of workers salary,