The State of Osun House of Assembly on Friday approved the request of Governor of the State, Mr. Adegboyega Oyetola to review the 2020 budget of the state by #37billion.
The Speaker, RT. Hon. Timothy Owoeye at plenary recalled that the size of the year 2020 approved budget passed on the 24th of December, 2019 was #119, 550,401,040.
Owoeye noted that it became imperative that the earlier budget signed into law can’t be operated successfully owing to realities brought about by the ravaging pandemic of COVID-19.
He stated that the house of Assembly after a thorough review and deliberation decided to reduce the budget to #82,229,070,760
In his words, “The global COVID-19 pandemic has badly affected all sectors of the economy hence the need to review of the year 2020 budget.
“I wish to inform the people of Osun that the global lockdown has affected all the revenue variables including the IGR and proceed from the Federation account.
“As a result of this, the year 2020 approved budget of all Agencies of government has been reviewed downward to accommodate the current social and economic realities with focus on COVID-19 responsive activities.
“Out of the sum of #82,229,070,760.00 approved for year 2020, the sum of #9,442,503,260.00 which is 11.5 percent shall be dedicated to fighting COVID and post COVID recovery activities.
“Therefore, all programs of government have been streamlined. The need to focus the state’s priorities toward management and recovery from the pandemic was a major factor in reviewing the budget”.
The Speaker pointed out that the sum of Forty-one Billion, six hundred million, Eight hundred and Eighty thousand, seven hundred and twenty Naira only (#41,600,880,720.00) has been appropriated for recurrent expenditure from the consolidated Revenue.
He also added that the sum of Forty- billion, six hundred and twenty eight million, one hundred and ninety thousand, forty Naira (#40,628,190,040.00) was appropriated for capital expenditure.