Gov. Makinde Seeks Approval Of N50B Supplementary Budget From Oyo Lawmakers

Governor Seyi Makinde of Oyo State has asked the State House of Assembly to approve a supplementary budget worth N50b.

Makinde sought the consideration and approval of the budget on Tuesday, August 17, 2021.

The request was contained in a letter sent to the state lawmakers, according to Daily Post. Makinde told that the supplementary budget would cater for three projects which were not captured in the approved 2021 budget.

The three projects according to him are Ibadan Circular Road, Iseyin-Ogbomoso Road and Ibadan Airport Improvement.

He further revealed that Ibadan Circular Road would cost Twenty-Five billion naira (N25,000,000,000,00), Iseyin -Ogbomoso Road would be constructed with Fifteen billion naira (N15,000,000,000,00) while Ibadan Airport Improvement will cost the sum of Ten billion naira (N10,000,000,000,00).

The N50 billion will be provided by the Central Bank of Nigeria under the Differentiated Cash Reserves Requirements, DCRR, of which N100billion was approved by the House of Assembly.

The 2021 budget will be increased from Two Hundred and Sixty-Eight billion, Seven Hundred and Seventy-Seven million, Nine Hundred and Sixty-Four Thousand, Eight Hundred and Sixty naira only (#268,770,964,860,00) to the sum of Three Hundred and Eighteen Billion, Seven Hundred and Seventy Million, Nine Hundred and Sixty-four thousand, Eight Hundred and Sixty Naira only (318,770,964,860).

The lawmakers had on Tuesday approved an additional sum of six billion naira credit facility for Governor Seyi Makinde.

This latest loan request is in addition to the loans that had been borrowed since Makinde became the governor of the state.

The lawmakers had in July 2019, approved a sum of ten billion naira loan for the governor.