The Speaker, House of Assembly, Hon. Timothy Owoeye, had on Tuesday announced on the floor of the house that the governor, Mr Adegboyega Oyetola sent a letter of introduction for the reduction.
The letter which noted, the global COVID-19 pandemic has badly affected all sectors of the economy has paved the way for a review of the year 2020 budget.
“It is pertinent to inform you that the global lockdown which doesn’t exonerate Osun State has affected all the revenue variables including the IGR and proceed from the Federation account,” the letter reads in part.
Speaker, RT. Hon. Timothy Owoeye at plenary recalled that the size of the year 2020 approved budget passed on the 24th of December, 2019 was #119, 550,401,040.
He stressed that downward reduction of the earlier approved 2020 budget becomes imperative because of the realities brought by the ravaging pandemic of COVID-19.
He stated that the house of Assembly after a thorough review and deliberation decided to reduce the budget to #82,229,070,760.
In his words, “I wish to inform the people of Osun that the global lockdown has affected all the revenue variables including the IGR and proceed from the Federation account. As a result of this, the year 2020 approved budget of all Agencies of government has been reviewed downward to accommodate the current social and economic realities with focus on COVID-19 responsive activities.
“Out of the sum of #82,229,070,760.00 approved for the year 2020, the sum of #9,442,503,260.00 which is 11.5 per cent shall be dedicated to fighting COVID and post COVID recovery activities.”
The Speaker pointed out that the sum of N41,600,880,720.00 has been appropriated for recurrent expenditure from the consolidated Revenue while the sum of N40,628,190,040.00 was appropriated for capital expenditure.
He commended the Executive for through oversight functions, the assembly will ensure that the N9.4 billion naira earmarked for COVID-19 is used judiciously.
