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Governor Seyi Makinde of Oyo state on Wednesday, September 4, signed into law the 2019 revised budget of N182.4 billion. The News Agency of Nigeria (NAN) reports that the revised budget is a review of the 2019 Appropriation Act of N285 billion earlier signed in the first quarter of the year by the immediate past governor, Abiola Ajimobi. With the new budget, N103 billion was slashed from the N285billion, signed into law by Ajimobi.
                    Speaking after the signing of the budget, Makinde, noted that the 2019 budget signed into law by the immediate past governor was not consistent with the direction the state should go. When we came in, we met a budget of N285 billion for the year. “We went into the revenue profile and found out that we were getting roughly N5 billion monthly from the Federal Allocation and the Internally Generated Revenue (IGR) was about N2 billion, making N7 billion roughly every month. “If I multiply that by 12, that is N84 billion. Immediately, we said there is a hole of N200 billion in the budget. So, we asked questions,’’ the governor said. He further said that if his administration continued with the old budget as passed by the 8th assembly, the performance that could be achieved on the budget would be between 25 and 38%. He said: “The budget performance of the previous years did not go beyond 40% in implementation. “So, we decided that our target for the year would be at least 70% budget performance.’’ Makinde commended the legislators for cutting short their recess to work on the budget and passed it in record time.

We've revised the budget downward to N182B; this includes an upward review of the budget for education to 10%. Our admin will work towards improving the economy of the state so that subsequent budgets match our financial capabilities and budget implementation is above 70% . pic.twitter.com/KKMqTWGCPl

— Seyi Makinde (@seyiamakinde) September 4, 2019