Economy

OSHA Approves Revised 2020 Budget with 37.2B Naira Reduction

The Osun State House of Assembly, OSHA, has approved the reduction in the state budget after the Appropriation Amendment Bill 2020 passed through the third reading.

This follows a motion moved by the Chairman, House Committee on Finance and Appropriation, Mr. Taiwo Olodo.

Tagged Osun State Appropriation Amendment Bill 2020, the state budget was reviewed from 119.5 billion naira to 82.2 billion naira with a difference of 37.3 billion naira representing 35 percent reduction of the initial 2020 Budget. 

In his remark, the Speaker, Mr. Timothy Owoeye, explained that the House approved the amendment after considering the economic effect of Coronavirus pandemic on the state.

The Speaker noted that 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.

Mr. Owoeye pointed out that the revised budget size reflects current economic realities, noting that the parliament duly considered it before passage.

Also speaking the Chairman, House Committee on Finance and Appropriation, Mr. Taiwo Olodo remarked that the amended budget would be financed chiefly by recurrent revenue including federal allocation, generated revenue and capital receipt.

It will be recalled that Governor Adegboyega Oyetola had requested for the amendment, in his letter, which he said was occasioned by the effects of the ongoing COVID-19 pandemic on global economy as well as that of the state and Nigeria.

Funmi Adekoya

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