The Governor of Oyo State, Seyi Makinde has signed into law the 2019 revised budget of N182.4 billion.
The revised budget is a review of the 2019 Appropriation Act of N285 billion earlier signed in the first quarter of the year by the immediate past Governor, Abiola Ajimobi.
Governor Makinde, noted that the 2019 budget signed into law by the immediate past governor was not consistent with the direction the state should go.
“When we came in, we met a budget of N285 billion for the year.
“We went into the revenue profile and found out that we were getting roughly N5 billion monthly from the Federal Allocation and the Internally Generated Revenue (IGR) was about N2 billion, making N7 billion roughly every month.
“If I multiply that by 12, that is N84 billion. Immediately, we said there is a hole of N200 billion in the budget. So, we asked questions,’’ the Governor explained.
He further said that if his administration continued with the old budget as passed by the 8th Assembly, the performance that could be achieved on the budget would be between 25 and 38 percent.
“The budget performance of the previous years did not go beyond 40 percent in implementation.
“So, we decided that our target for the year would be at least 70 percent budget performance,” he added.
Makinde commended the legislators for cutting short their recess to work on the budget and passed it in record time.