…to present 2023 supplementary budget to State House of Assembly
Oyo State Governor, Engr. Seyi Makinde has approved the promotion of civil and public servants whose promotions were due in 2022.
Speaking to journalists at the end of the State’s Executive Council meeting on Monday, Commissioner for Information, Prince Dotun Oyelade said the development is consistent with government policy on workers’ welfare in the past 4 years.
According to Oyelade, the exercise which is the second of its kind in the Seyi Makinde-led administration will affect 7, 276 civil servants.
Also speaking, the Commissioner for Budget and Economic Planning, Prof. Musibau Babatunde said council approved the realignment of the 2023 supplementary budget, to be presented to the Oyo State House of Assembly for approval.
He stated that the decision was necessary by the dual economic policies of subsidy reduction and exchange rate unification, which had resulted in some alterations in the state’s macroeconomic fundamentals, including inflation, exchange, and interest rates.
According to the Commissioner, the Seyi Makinde-led Oyo State Government has decided on several ongoing projects that are cost-prohibitive.
He also mentioned the necessity for MDAs to contextualise their present budget performance in light of the shift in macroeconomic realities.
According to Babatunde, the 2023 budget will be increased from three hundred and ten billion, four hundred and thirty-two million, five hundred thousand naira (N310,432,500,000.00) to three hundred and fifty-two billion, three hundred and eighty-two million, five hundred thousand naira (N352,382,500,000.00).
The Commissioner further stated that idle money in several MDAs had been reallocated to reflect current economic realities.
He stated that the Seyi Makinde-led Oyo State Government is currently negotiating with the Nigeria Labour Congress, and that the meeting’s choices will be incorporated into the realigned supplementary budget.
The Commissioner said Medium Term Expenditure Framework (2024-2026) on which the 2024 budget will be premised has been approved by the council
The approved figure for this is Four Hundred and Twenty-four Billion, Four Hundred and ten Million, Six hundred and eleven Thousand, Nine hundred and thirty-eight naira (N424,410,611,938.00).
This is an increase of the sum of Sixty-nine Billion, Two Hundred and Thirty-seven Million, Six hundred and Fifty-eight thousand, Twenty-five naira, (N69,237,658,025.00) which represents 19.49% over the 2023 pre-empted figure of Three Hundred and Fifty-five billion, One Hundred and Seventy-two Million, Nine Hundred and Fifty-three thousand, Nine-hundred and thirteen thousand, (N355,172,953,913.00).
He said the current realigned budget of Three hundred and Fifty-two billion, Three hundred and Eighty-two million, five-hundred thousand naira, (N352,382,500,000.00) mirrors the Oyo State Government’s projection perfectly, for year 2023.
“We expect the Medium Term Expenditure Framework to be a good guide for the fiscal balance of the year 2024 budget”
Prof. Babatunde added that the Executive council meeting approved implementation of the Oyo State Social Protection Document, developed in conjunction with UNICEF.
He said the implementation department, which will be supervised by his office, with the support of relevant agencies, will reduce the challenges of poverty incidents in the state.