Makinde assents to Appropriation, Legislature Financial Autonomy bills

Governor Seyi Makinde of Oyo state, on Wednesday, signed into law both the 2022 Appropriation bill and the Oyo State House of Assembly Funds Management Bill, 2021.

Among those present at the assenting of the two bills, at the Executive Council Chamber, State Secretariat, Ibadan, were the deputy governor, Mr Rauf Olaniyan; Speaker of the House of Assembly, Honourable Adebo Ogundoyin; deputy Speaker of the Assembly, Honourable Abiodun Fadeyi; state Commissioner for Budget and Economic Planning, Professor Musbaudeen Babatunde; state Head of Service, Mrs Ololade Agboola, among others.

In assenting to the N294.7billion 2022 appropriation bill, Makinde said the target for the 2022 fiscal year is a budget performance of between 70 percent and 75 percent.

He said the state achieved an over 60 percent budget performance in the 2021 fiscal year which he attributed to an over N15billion increase in Internally Generated Revenue (IGR).

Makinde disclosed that the state’s IGR presently averaged between N3billion and N3.3 billion monthly but stated that the target for the 2022 fiscal year was a monthly IGR of between N5billion and N7billion.

He listed projects to be completed next year to include the commissioning of the four bus terminals, rebuilding of the Sasha market stalls, completion of the second phase of Lekan Salami Stadium remodeling, and completion of roads.

Makinde said: “If you check the record, for the year 2020, our budget performance was over 50 percent. In the year 2021, we did better at over 60 percent, which was double what was obtainable in the past. So, for this 2022 fiscal year, our target is a minimum of 70 to 75 percent performance.

“One thing that impacts budget performance is revenue. If you don’t have the money, there is nothing to spend. So when we talk about our Internally Generated Revenue (IGR), we have moved Oyo state from number nine in Nigeria, in 2018, to number seven. This movement represents an increase of over N15billion in IGR without increasing taxes.

“With the increase in revenue, we are better able to fund our budget and record higher budget performance. For the year 2020, we have our eyes set on raising our IGR to N5billion-N7billion per month. It is a tall order but it is not impossible.

“When we came in, we met IGR at about N1.8billion, N1.9billion per month. Within the past two and a half years, it has gone to between N3billion and N3.3billion per month.”

Also assented into law was the Oyo State House of Assembly Funds Management Bill which was passed by the Assembly on July 15, 2021.

Makinde said the financial autonomy granted by the legislature is in line with the doctrine of separation of powers.

Speaker of the Assembly, Honourable Adebo Ogundoyin said with the signing of the bill into law, full financial autonomy for the Oyo state legislature begins from January 2022.

Ogundoyin said the assent will further help strengthen democracy and engender unhindered separation of power.

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