Oyo State Governor, Seyi Makinde has slashed the state’s budget, saying that the initial N285 billion 2019 budget presented to the state House of Assembly was unrealistic.
In a tweet on his verified Twitter account on Wednesday, Makinde said he has revised the budget downward and signed a new appropriation bill of N182 billion.
“This afternoon, I signed the Oyo State Appropriation Review and Finance Bill, 2019, a revised budget for the state into law.
“In view of the current financial state of our state, the budget of N285 billion approved by the previous administration was unrealistic
“We have revised the budget downward to N182 billion. This includes an upward review of the budget for education to 10%.
“Our administration will work towards improving the economy of the state so that subsequent budgets match our financial capabilities and budget implementation is above 70%,” he said in the tweet.
A breakdown of the revised budget showed that N98 billion was allocated for recurrent expenditure while N83.62 billion was allocated for capital expenditure meant for the services of the state for the year ending December 31, 2019.