Yinka Kolawole in Osogbo
Governor of Osun State, Rauf Aregbesola, has sought the approval of the state House of Assembly for downward review of the 2016 budget estimate from N150.7 billion to N137.9 billion.
In a letter read by the Speaker of the assembly, Hon, Najeem Salaam, at the plenary yesterday, the governor said the review was necessary to give the government the capacity to implement the budget.
While speaking, the Chairman, Assembly Committee on Information and Strategy, Olatunbosun Oyintiloye, said the governor was seeking the approval of the assembly for the review of the budget due to the poor economic reality in the state.
According to Oyintiloye, the letter stated that: “The current economic downturn in the country occasioned by the dwindling revenue accruable to the federation account has necessitated the need to reduce the cost of governance.
“Therefore, it has become pertinent and inevitable to restructure the 2016 draft budget in line with the reality on ground.
“In line with the extant rules and regulations, the assembly, through your office, is being informed about this new development.”
The governor sought the review of the revenue and the expenditure from N150,728,245,450 to N137,977,966,630.
Also, the personnel cost is review from N33,344,515,710 to N32,793,966,970 while the overhead cost reviewed from N12,276,675,930 to N9,202,330,410.
The consolidated revenue fund charge remained N37,123,204,940, while the capital expenditure is reviewed from N67,983,848,960 to N58,858,464,310.
The total expenditure is also reviewed from N150,728,245,450 to N137,977,966,630.