BREAKING: Makinde Jerks Up 2023 Budget From N310.4b To N352.2b

…to also present Supplementary Budget to Oyo Assembly

The Seyi Makinde led government of Oyo state has jerked up the 2023 budget from the total sum of 310.4 billion naira (N310, 422 500 000) to the total sum of 352.2 billion naira (N352, 282 500 000), MOUTHPIECE NGR has learnt. 

The State Honourable Commissioner for Budget and Economic Planning, Professor Musibaudeen Babatunde disclosed this to journalists at a press briefing on Tuesday October 17 at the Governor’s Office, Agodi Secretariat, Ibadan.

The Commissioner also disclosed that the a supplementary budget was ready for onward transmission to the state Assembly for legislative consideration and approval.

Speaking further, Professor Babatunde said the supplementary budget would be aligned with the 2023 budget to achieve cohesion in the state’s budget implementation and performance.

He explained that the upward review of the 2023 budget from the initial amount to the new amount was necessitated by the current economic realities occasioned by the removal of fuel subsidy and the dwindling value of naira against the dollar.

He stated that the two faced challenges of subsidy removal and naira dollar exchange rate have had adverse effects on cost of goods and services thereby, making the initial budget unrealistic in terms of budget implementation and ongoing projects execution.

“Parts of the resolutions of meeting yesterday was the year 2023 budget. As you’re well aware that the twin economic policies of the fuel subsidy removal and unification of exchange rate regime of the federal government have led to some shifts in macroeconomic fundamentals in the state with respect to inflation, exchange rate, interest rate, and the need to take into consideration certain projects that are going on at the moment that have overriden cost activities.

“We got requests from Ministries, departments, and agencies on the need to situate their current budget performance in the context of the shift in macroeconomic fundamentals, and we looked at the merits found out that they’re worthwhile.

“We took the decision yesterday with respect to increasing the budget size from 310.4 billion naira (N310, 422 500 000) to the total sum of 352.2 billion naira (N352, 282 500 000).” Professor Babatunde said.

The Commissioner also disclosed that the Seyi Makinde administration was already done with the second phase of its Sustainable Action for Economic Recovery (SAfER) and was ready to move to the third and fourth phases respectively.

He added that the Committee in charge of SAfER implementation was already gathering feedback and data on the performance of the first and second phase with a view to touching other areas and groups that were not captured under the first and second phases.

Professor Babatunde hinted that the state government was working with an adverse case effect of the current economic indices based on the current exchange and interest rates as they continue to affect cost of goods and services and putting measures in place to ensure Oyo state is in a safe recovery zone.

He also noted that the state government was conscious of the current economic trend and working assiduously to ensure Oyo state does not find itself on the list of adversely hit states in the next economic ranking in Nigeria.

Earlier, the Commissioner for Information, Prince Dotun Oyelade, accompanied by the Chief Press Secretary to the Governor, Pastor Sulaimon Olanrewaju, disclosed to journalists that Governor Seyi Makinde has approved the 2022 promotion of all qualified civil and public servants in the state workforce.

“As I talk to you, the executive governor of Oyo state has just approved the promotion of of civil servants and public servants who are qualified for the year 2022.” Oyelade said.