The Oyo State Governor, Seyi Makinde has signed the 2022 Appropriation Bill and the State House of Assembly Funds Management Bill, 2022 into law.
Speaking at the brief signing ceremony, held at the Executive Council Chamber of the Governor’s Office, Agodi, Secretariat, Ibadan, Makinde said the N294.
7 billion 2022 Appropriation Bill was targeted at between 70 and 75 percent budget performance as the new fiscal year kicks off on January 1.
The governor disclosed that the state was able to achieve over 60 percent budget performance in the 2021 fiscal year as a result of the over N15 billion increase in the Internally Generated Revenue (IGR) of the state.
Makinde said: “If you check the record, for year 2020, our budget performance was over 50 percent.
In year 2021, we did better at over 60 percent, that 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,” he explained.
The governor noted that the state’s IGR presently averaged between N3billion and N3.
3 billion, as against the former N1.
8billion and N1.
9billion monthly, before his administration came in.
Increase in Revenue
He said with the increase in revenue, the state would be better able to fund its budget and record higher budget performance.
Hence, it is targeting between N5billion and N7billion as monthly IGR for the 2022 fiscal year.
He listed projects to be completed next year to include: commissioning of the four bus terminals, rebuilding of the Sasha Market stalls, completion of the second phase of the Lekan Salami Stadium remodeling and completion of roads.
Funds Management Bill
Also assented into law is 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 the legislature was in line with the doctrine of separation of powers.
The Speaker of the Assembly, Honourable Adebo Ogundoyin, said with the signing of the bill into law, full financial autonomy for the Oyo State legislature would begin from January 2022.
Ogundoyin said the assent would further help strengthen democracy and engender unhindered separation of power.
Present at the assenting of the two bills are the deputy governor, Mr Rauf Olaniyan; deputy Speaker of the Assembly, Abiodun Fadeyi; the state Commissioner for Budget and Economic Planning, Professor Musbaudeen Babatunde and the state Head of Service, Mrs Ololade Agboola, among others.
Oyo Governor Signs 2022 Budget