The Oyo State Governor, Engineer Seyi Makinde signed into law the reviewed 2020 appropriation budget.
The State lawmakers yesterday passed the bill reviewing the budget from N213billion to N174billion, noting that there is a substantial justification for the request made by the executive arm of government.
The streamlining of the budget size tends to achieve a realistic budgeting in the State which is one of the key advocacies of the finance and budget experts.
The newly reviewed budget is to accommodate the latest financial reality of the nation and the State courtesy of the COVID-19 pandemic which has led to drastic drop in oil price, national revenue and subsequently reduction in federal allocation to States and revenue generation in Oyo State.
