Governor, Seyi Makinde has sought the consideration and approval of the Oyo State House of Assembly for a supplementary budget of N50billion.
The request was contained in a letter sent to the House of Assembly by the Governor and read at plenary by the speaker, Adebo Ogundoyin on Tuesday
Makinde said that the N50 billion supplementary budget was to cater for three major projects not captured in the approved 2021 budget.
The three projects according to him are Ibadan Circular Road, Iseyin-Ogbomoso Road and Ibadan Airport Improvement.
Makinde said that Ibadan Circular Road would cost Twenty-Five billion naira (N25,000,000,000,00), Iseyin -Ogbomoso Road would be constructed with Fifteen billion naira (N15,000,000,000,00) while Ibadan Airport Improvement will cost the sum of Ten billion naira (N10,000,000,000,00).
Read also: US spends N7.4bn on treated bed nets to tackle malaria in Oyo
The N50 billion will be provided by the Central Bank of Nigeria under the Differentiated Cash Reserves Requirements, DCRR, of which N100billion was approved by the House of Assembly.
The 2021 budget will be increased from Two Hundred and Sixty-Eight billion, Seven Hundred and Seventy-Seven million, Nine Hundred and Sixty-Four thousand, Eight Hundred and Sixty naira only (N268,770,964,860,00) to the sum of Three Hundred and Eighteen Billion, Seven Hundred and Seventy million, Nine Hundred and Sixty-four thousand, Eight Hundred and Sixty naira only (N318,770,964,860).
The legislators had on Tuesday approved an additional sum of six billion naira credit facility for Governor Seyi Makinde.
The latest loan request is in addition to the loans that had been borrowed since Makinde became the governor of the state.
The lawmakers had in July 2019, approved a sum of ten billion naira loan for the governor.
