The Oyo State House of Assembly on Tuesday passed the 2024 Appropriation Bill of four hundred and thirty-eight billion, four hundred and forty-seven million, eight hundred and seventy-eight thousand, five hundred forty-eight naira, thirty-nine kobo (N438,447,878,548.39) into law.
This is higher than the initial N434,221,765,938.79 (Four hundred and thirty-four billion, two hundred and twenty-one million, seven hundred and sixty-five thousand, nine hundred and thirty-eight naira, seventy-nine kobo) presented to the House of Assembly by Governor Seyi Makinde.
The passage was sequel to the presentation of the report of the House Committee on Finance, Appropriation and State Economic Planning by its Chairman, Hon Sunkanmi Babaloja (Egbeda).
Recall that the 2024 Appropriation Bill was presented to the State legislature on Tuesday 5th December, 2023.
With this development, there is an upward review of Four billion, two hundred and twenty six million, one hundred and eleven thousand, six hundred and nine naira, sixty kobo only (N4,226,111,609.60) in the appropriation.
In the budget, recurrent expenditure for the 2024 Appropriation changed from two hundred and eleven billion, eight hundred and eighty-four million, four hundred and fourty-five thousand, seven hundred and thirty-eight naira, ninety-four kobo only (N211,884,445,738.94) presented by the Governor to two hundred and thirteen billion, five hundred and thirty-eight million, four hundred and seventy-five thousand,(N213,538,475,738.94)
For the capital expenditure, the house approved a sum of two hundred and twenty-four billion, nine hundred and nine million, four hundred and two thousand, eight hundred and nine naira, fourty-five kobo kobo(N224,909,402,809.45) as against the two hundred and twenty-two billion, three hundred and thirty-seven million, three hundred and twenty thousand, one hundred and ninety-nine naira, eighty-five kobo (N222,337,320,199.85) earlier proposed.
The Speaker, Oyo State House of Assembly, Hon. Adebo Ogundoyin who presided over the plenary commended all the Committee members and other lawmakers that worked round the clock to ensure early passage of the 2024 Appropriation Bill.
Hon. Ogundoyin said the house made some upward review of the 2024 Appropriation Bill to reflect the current economic realities and situations in the country, and to cater for some critical sectors.
“Special thanks to the House Committee on Finance, Appropriation and State Economic Planning for a thorough job done on the budget which led to the speedy completion of the process. I will like to also appreciate Oyo State Government’s Ministries, Departments and Agencies for cooperating with the House of Assembly in this regard. I am optimistic that the budget will help drive the economic recovery agenda of Governor Seyi Makinde in the upcoming year.
“This is just the beginning of our job as Lawmakers. We will hit the ground running. We will embark on full legislative oversight to ensure optimum performance of the budget. We have told our MDAs to be ready to work their fingers to the bone towards the full and successful implementation of the 2024 Budget.” Oyo Speaker assured.