The Oyo State House of Assembly on Tuesday approved three hundred and fifty-two billion, two hundred and eighty-two million, five hundred thousand naira only (#352,282,500,00) 2023 Supplementary Budget presented to the legislature by the State Governor, Engr. Seyi Makinde.
The supplementary budget was passed after the presentation of the House Committee report on Finance, Appropriation and Economy.
The Committee had considered the inputs of the State Ministry of Budget and Economic Planning and projections in the Oyo State Government Medium Term Expenditure Framework before the eventual passage of the 2023 Supplementary Budget.
The Governor also sought upward review of the 2023 approved budget from #310,432,500.00 to #352,282,500.00.
This became imperative in order to cater for the twin policy measures of the removal of subsidy on Premium Motor Spirit and the floating of the exchange rates by the Federal Government on the State Government spendings.
In the supplementary budget, a sum of #169,477,038.38 was approved as recurrent expenditure while a sum of #182,805,366,965.62 is for capital expenditure.