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Exclusive: Makinde rejects 2021 budget jerked up to N273.7b by Oyo Assembly
Oyo state governor, Engr. Seyi Makinde has withhold his signature from a N273.7billion increased budget recently sent to him by the Oyo State House of Assembly while he considers its effect on the state, Mega Icon Magazine exclusively gathered.
Mega Icon Magazine, reliably gathered that Governor Makinde , who expressed serious reservation over the whooping sum of N273.7billion, also expressed displeasure over the development, discribing it as outrageous and unacceptable.
Mega Icon Magazine checks revealed that the proposed budget for the 2021 fiscal year, tagged: “Budget of Continued Consolidation,” which was a total of N266.6billion when presented recently by Governor Makinde was increased to the tune of N273.7 Billion by the States’ lawmakers.
Further checks also unearthed that the House of Assembly approved and passed the sum of N273.7billion, late night on Tuesday.
It was also gathered that the Chairman of the state Assembly Committee on Public account, finance and Appropriation, Hon. Akeem Mustapha, informed that the ammendment proposed that the sum of over N136billion was replaced with the sum of over N137billion for total recurrent expenditure.
While the Amendment proposed of over N130.3 billion was replaced with over N136.1 billion for total capital expenditures.
Justifying its claims, the Speaker, Oyo State House of Assembly, Rt. Hon. Adebo Ogundoyin, while speaking with journalists after the Tuesday’s plenary, noted that the recurrent and capital expenditure are so close because the State desire more infrastructural development in 2021.
According to the Speaker, “We pledged our renewed commitment to thoroughly scrutinize the bill and give it accelerated passage, when it was brought to us by the executive and we have done just that.
“We often stop at this. We will always ensure and promote budget performance through our constitutional oversight functions, because we cannot afford disappointing the good people of Oyo State”, he added.
Meanwhile, Mega Icon Magazine took up a legal luminary, Asiwaju Adebayo Mutalubi Ojo on this development.
The former Attorney General and Commissioner for Justice in the state, Ojo averred that it is within their powers (the lawmakers) to reduce or increase or leave the proposed budget as it is.
“The power of appropriation lies with the parliament as they are the representatives of the people”, Ojo said.
However, this development sounds like a litmus test for the lawmakers. The lawmakers are expected, again to review and re-pass the budget before proceeding on recess as directed by Governor Seyi Makinde, sources revealed.
Former Chairman of the Nigerian Communications Commission (NCC), Prof. Adeolu Akande, has extended warm felicitations to Barrister Sarafadeen Ali, the Senator representing Oyo South Senatorial district, on the occasion of his 61st birthday.
In a statement released on Saturday in Ibadan, the Oyo state capital, on Saturday, Akande lauded the lawmaker, describing him as a luminary whose life has been marked by distinguished service to the nation.
“Today, I join the world in celebrating you on your special day, as you mark 61 years of God’s abundant love and glorious impact on humanity,” the former NCC gaffer expressed.
He added, “I wish you many more years of God’s grace in your life.”
The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.
The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.
Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.
He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.
“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.
Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.
While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.
Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.
He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”
Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.
He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”
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