The Oyo State government has announced a 19.49 percent increase in its 2023 budget, from N310.432 billion to N352.382 billion, citing the need to adjust to the current economic realities.
The government also approved the realignment of the 2023 supplementary budget, which will be presented to the Oyo State House of Assembly for approval.
The commissioner for budget and economic planning, Prof. Musbau Babatunde, explained that the budget increment and realignment were necessitated by the twin economic policies of subsidy removal and the unification of the exchange rate, which have led to shifts in macro-economic fundamentals in the state, in respect to inflation, exchange and interest rates.
He said the state government took into consideration certain projects that are going on, overridden by costs, and also realigned idle funds in some MDAs.
He added that the state government is currently negotiating with the Nigeria Labour Congress, and decisions taken from the meeting will be included in the realigned supplementary budget.
The commissioner also said medium term expenditure framework (2024-2026) on which the 2024 budget would be premised had been approved by the exco.
The approved figure for this is N424.410 billion, which is an increase of N69.237 billion, representing 19.49 percent over the 2023 pre-empted figure of N355.172 billion.
In another development, the commissioner for information and orientation, Prince Dotun Oyelade, said the governor Seyi Makinde-led administration has approved the promotion of 7,000 civil and public servants whose promotions were due in 2022.
He said the development was consistent with the government’s policy on workers’ welfare in the past four years.
He said the government had conducted the 2017-2021 promotion exercises and had given approval for the conduct of the promotion of 7, 276 civil servants.
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