|Governor Rotimi Akeredolu|
On June 6, Governor Akeredolu sent the budget with a total sum of N169.720 billion to the members of the State Assembly for the 2017 fiscal year.
The bill was passed after two weeks of presentation to the State House of Assembly by Governor Rotimi Akeredolu, via the Chair of the House Committee on Finance and Appropriation, Sunday Olajide.
However, on Monday, the budget proposal was increased by N1.126 billion from the initial N169.720 billion after a deliberation among lawmakers before it was finally passed into law at the plenary session by the Speaker David Oloyelogun.
Oloyelogun explained that the passage of the budget was delayed due to the scrutiny of the House Committee on Finance and Appropriation, adding that the committee recommended that the budget be increased to N170 billion.
“The increment will help some of the government ministries, departments and agencies to execute projects already initiated,” he said.
He further said that the budget would be sent to the governor for his assent, after which the executives will begin to implement the contents of the budget.
In the new budget, N95,159, 200.00 was earmarked for recurrent expenditure, N59,186,684.00 was proposed for capital expenditure while N8.1bn was earmarked for debt servicing.
The appropriation bill made provision for N8.3bn for statutory transfers for the services of the state for 2017.
Olajide also explained that the committee redistributed the budget on some critical areas which brought about a marginal increase of N1,126,000,000.
“Hence, the overall budgetary provision will now be N170,846,580,000,” the lawmaker said.