Makinde seeks N50bn supplementary budget for 3 major projects

News Agency Of Nigeria

August 17, 2021 9:40 PM

The N50 billion would be provided by the Central Bank of Nigeria (CBN).

Oyo State governor, Seyi Makinde [@Twitter/oyostategovt]

Governor Seyi Makinde of Oyo State on Tuesday sought the consideration and approval of the state House of Assembly for a supplementary budget of N50 billion.

The News Agency of Nigeria (NAN) reports that the request was contained in a letter he sent to the House of Assembly in Ibadan, and read by the Speaker, Mr Adebo Ogundoyin.

According to the speaker, the letter stated that the N50 billion supplementary budget was to cater for three major projects not captured in the approved 2021 budget.

The projects, Ogundoyin said, included the Ibadan Circular Road, set to take the largest sum of N25 billion; the Iseyin-Ogbomoso road at N15 billion and the Ibadan Airport improvement project gulping N10 billion.

He further stated that the N50 billion would be provided by the Central Bank of Nigeria under the Differentiated Cash Reserves Requirements (DCRR), of which N100 billion was approved by the House of Assembly.

After the second reading of the supplementary budget, the speaker constituted an ad hoc committee, to be chaired by Mr Akeem Mustapha, representing Kajola Constituency, to look into the budget.

He urged the committee to look into the supplementary budget and get back to the house with findings.

NAN reports that with the supplementary budget, the 2021 budget will jump from N268,770,964,860 to N318,770,964,860.

News Agency Of Nigeria

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