As part of measures to mitigate the effect coronavirus on the state’s economy, the Osun State House of Assembly has approved the revised 2020 appropriation bill of N119.5billion to 82.2 billion which was necessitated by the shortfall in the state’s revenue.
It explained that the approval of the Bill had become imperative after the pandemic crippled the global economic activities which had adversely affected the internal revenue projections of the country and in extension the state.
Speaking during the plenary session on Friday, the Speaker, House of Assembly, Timothy Owoeye, recalled that the state’s Governor, Gboyega Oyetola, had in a letter of introduction for the reduction regretted that the outbreak of coronavirus which badly affected all sectors of the economy necessitated a review of the budget.
He noted that the approved budget passed on the 24th of December, 2019 was N119, 550,401,040 and that the downward review to N82,229,070,760 approved by the House of Assembly followed a thorough review and deliberation by the lawmakers.
“I wish to inform the people of Osun that the global lockdown has affected all the revenue variables including the IGR and proceed from the Federation account. As a result of this, the year 2020 approved budget of all Agencies of government has been reviewed downward to accommodate the current social and economic realities with a focus on COVID-19 responsive activities.
“Out of the sum of N82,229,070,760.00 approved for the year 2020, the sum of #9,442,503,260.00 which is 11.5 percent shall be dedicated to fighting COVID and post COVID recovery activities,” the Speaker said.
Owoeye further explained that the sum of N41,600,880,720.00 has been appropriated for recurrent expenditure from the consolidated Revenue while the sum of N40,628,190,040.00 was appropriated for capital expenditure.