The Oyo State House of Assembly, on Tuesday, passed the 2024 appropriation bill into law, totaling N438,447,878,548.39. This sum exceeded the initial budget of N434,221,765,938.79 presented by Governor Seyi Makinde.
The decision followed the presentation of the House Committee on Finance, Appropriation, and State Economic Planning’s report by its Chairman, Hon Sunkanmi Babaloja (Egbeda).
Initially introduced to the state legislature on December 5, 2023, the bill underwent an upward adjustment of N4,226,111,609.60 during the process.
The revised budget includes a change in recurrent expenditure from N211,884,445,738.94 to N213,538,475,738.94 and an approved capital expenditure of N224,909,402,809.45, up from the earlier proposed N222,337,320,199.85.
The Speaker, Adebo Ogundoyin, who presided over the plenary, commended all the committee members and other lawmakers who worked round the clock to ensure early passage of the 2024 appropriation bill.
Ogundoyin said the house made some upward review of the 2024 appropriation bill to reflect the current economic realities and situations in the country and to cater for some critical sectors.
He said: “Special thanks to the House Committee on Finance, Appropriation and State Economic Planning for a thorough job done on the budget which led to the speedy completion of the process.”
“I would like to also appreciate Oyo State Government’s Ministries, Departments and Agencies for cooperating with the House of Assembly in this regard. I am optimistic that the budget will help drive the economic recovery agenda of Governor Seyi Makinde in the upcoming year.”
“This is just the beginning of our job as Lawmakers. We will hit the ground running. We will embark on full legislative oversight to ensure optimum performance of the budget.”
“We have told our MDAs to be ready to work their fingers to the bone towards the full and successful implementation of the 2024 Budget,” Oyo Speaker assured.