By Adeola Badru

THE Oyo State House of Assembly has passed the downward review of the state’s 2020 Appropriation Bill of N174 billion into law.

This followed the third reading on Tuesday, of the Oyo State Appropriation and Finance Bill 2020 at plenary presided over by the Speaker, Mr Adebo Ogundoyin.

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The 2020 Appropriation Bill was reviewed by the state assembly from N213 billion to N174 billion.

According to the report presented by the Chairman, House Committee of Public Account, Finance and Appropriation, Mr Akeem Mustapha, disclosed that the recurrent expenditure of N110, 427, 855, 990 were reviewed to N108,995,099,631.46 while expenditure of N103, 360, 177,083. 976 was reviewed to N65,182,353,610.00.

Mustapha explained that the review was in line with the proposition of the executive arm of government, which is to reduce the budget from N213 billion to N169 billion.

The chairman added that the state assembly jacked up the budget to N174 billion in order to accommodate payment of gratuity and pension of the retirees.

It would be recalled that Governor Seyi Makinde has requested the House to review the 2020 Appropriation Law to accommodate the latest financial reality of the state occasioned by the novel Coronavirus that has affected the federal allocation and the state internally generated revenue.

Vanguard News