Governor Seyi Makinde of Oyo State is set to seek the State Assembly’s nod for the 2023 supplementary budget to the tune of about N42 Billion.
Specifically, the executive arm will be requesting the State Assembly to approve an increase from the present 2023 approved budget of N310,432,500 to N352,282,500.
State Commissioner for Budget and Economic Planning, Professor Musbau Babatunde disclosed this on Tuesday while briefing journalists on resolutions of the State Executive Council meeting held on Monday.
According to Babatunde, the State was compelled to forward a supplementary budget owing to the need to realign the budget of Ministries, Departments and Agencies (MDAs) in line with present macroeconomic fundamentals, exchange rate, interest rate shifts and other economic fluctuations.
He added that the alignment will efficiently reallocate idle funds and enable MDAs to situate the year’s budget performance in line with current macroeconomic fundamentals.
Babatunde noted that the new budget upon approval was still within the 2023 Medium Term Expenditure Framework (MTEF) of N355,172,953,914.
Similarly, he noted that the supplementary budget would help the state in the design of the 2024 budget factoring in projected exchange and interest rate increases.
The commissioner further disclosed that the executive council approved the MTEF 2024-2026 to the tune of N424,410,611,938 which is a 19.4 per cent increase from the 2023 MTEF.
On other decisions of the state executive council, Babatunde revealed the decision of the government to establish the Department of Social Protection in the Ministry of Budget and Economic Planning.
The department, he noted, will help in the implementation of social protection programmes in the state.
This is just as he said the state had approved the implementation of the State’s Social Policy document meant to reduce poverty and inequality.
Also speaking at the briefing, State Commissioner for Information and Orientation, Mr Dotun Oyelade said the state is set to commence the third and fourth stages of the distribution of food relief packages to residents of the State under the Sustainable Action for Economic Recovery (SAfER).
Oyelade said this followed the completion of the first and second stages of the distribution of the SAfER packages to cushion the effects of petrol subsidy removal on residents of the State.
Speaking further, Oyelade disclosed the government’s approval of the promotion of all due civil and public servants for the year 2022.
According to Oyelade, 7, 276 workers are to benefit from the 2022 promotion.
Oyelade said the development was consistent with the government’s commitment to workers’ welfare.
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