The Oyo State Governor, Engr Seyi Makinde has sought the consideration and approval of the State House of Assembly for a supplementary budget of #50billion.
The request was contained in a letter sent to the House of Assembly on Tuesday by the Governor and read at plenary by the Speaker, Hon Adebo Ogundoyin.
The Governor said that the #50billion Supplementary Budget was to cater for three major projects not captured in the approved 2021 budget.
The three projects, according to Governor Makinde included, Ibadan Circular Road which takes the largest sum of Twenty-Five billion naira (#25,000,000,000,00), Iseyin -Ogbomoso Road which takes Fifteen billion naira (#15,000,000,000,00) and Ibadan Airport Improvement which has the lowest sum of Ten billion naira (#10,000,000,000,00).
He added that ” the #50billion will be provided by the Central Bank of Nigeria under the Differentiated Cash Reserves Requirements, DCRR of which #100billion was approved by the House of Assembly.
With this development, the 2021 budget will increase 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 House while deliberating on the bill unanimously passed it for second reading.