Osun 2020 Appropriation Amendment Bill Passes Second Reading
A bill seeking to amend the Osun State 2020 Appropriation Bill has passed its second reading on the floor of the State House of Assembly.
This was contained in a letter written by Governor Adegboyega Oyetola which was read by House Speaker of the House, Mr. Timothy Owoeye.
Tagged Osun State Appropriation Amendment Bill 2020, the bill is seeking the consent of lawmakers to revise the state’s budget from 119.5 billion naira to 82.2 billion naira.
Mr. Timothy Owoeye, informed the House that Governor Adegboyega Oyetola’s administration was seeking to effect a 35 percent reduction of the 2020 budget from 119.5 billion naira to 82. 2 billion naira, a difference of 37.3 billion naira.
The Governor, in his letter, said the change was occasioned by the effects of the ongoing COVID-19 pandemic on global economy as well as that of the state and Nigeria.
The 2020 budget passed on 24th December 2019 and signed into law on December 30th 2020, was initially pegged at 119, 550, 401, 040 naira but had now been revised down to 82, 229, 070, 760 naira.
The amended budget would be financed chiefly by recurrent revenue including Federal allocation totaling, generated revenue and capital receipt.
Consequently, lawmakers including Majority Leader, Maruf Olanrewaju and Chairman, House Committee on Finance and Appropriation, Mr. Adebayo Olodo, called for an accelerated passage of the bill.
The appropriation amendment bill earmarks over nine billion naira, which is 11.5 percent of the budget for fighting covid-19 and post covid recovery.
The Speaker, Mr. Owoeye, remarked that the revised budget size reflects current economic realities, noting that parliament will duly consider it for passage.
The House later adjourned until tomorrow for a report on the amendment by the committee on Finance and Appropriation after which it is expected to scale through its third reading.