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Oyo State Governor, Seyi Makinde, has signed into law the 2021 budget of ₦268bn, noting that it will consolidate his administration’s infrastructure initiatives.
Speaking on Monday during the signing of the document at the Government House in Ibadan, Makinde said that the real implementation of the budget would commence in earnest, as the state targets at least 70 per cent execution.
“Today, we are signing into law our Budget of Continued Consolidation. This completes the first phase of the process for the 2021 fiscal year budgeting. After this signing, the real work of implementation begins,” he said.
“First, we got the good people of Oyo State involved in the budgeting process through the town hall meetings, then we prepared the budget and passed it on-to the state’s House of Assembly for approval.
While commending members of the State House of Assembly for approving the 2021 budget in a timely manner, the governor said the synergy between all the arms of government in the state has made the governance process easier for everyone.
He described as untrue the rumours that the lawmakers padded the budget and that the executive rejected it and forced a revision.
Speaking further, Governor Makinde said the 2020 budget fell short of the 70 per cent target but recorded a performance that was a little above average at 50.32 per cent due to the impact of the COVID-19 pandemic and the economic meltdown occasioned by the fall in oil prices.
He pledged that the state government would “work harder and smarter next year to ensure that we meet our performance target of at least 70 per cent.”
“We met a lot of our goals because we used the Alternative Project Funding Approach (APFA), and the Contractor’s Project Financing Scheme to finance many projects.
“We also made use of targeted loans for project financing. Of course, the reward for hard work is more work. So, for the 2021 fiscal year, we will continue to be innovative and creative in our approach to financing,” he added.
Estimated reading time: 1 minute(s)
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