26 May Oyo State to begin multi-year budgeting process

Oyo State Government has hinted on its plans to commence a multi-year budgeting process by 2022.

The State’s Commissioner for Budget and Economic Planning, Barr Adeniyi Farinto disclosed this during a one-day capacity building on Budget, Monitoring and Evaluation which held in Ibadan on Tuesday.

The training which was for Budget officers of ministries, departments and agencies (MDAs) in the State, is to evaluate past budget (2020) and adequately plan towards the coming year’s budget.

The commissioner who was represented by the Permanent Secretary for Budget and Economic Planning, Mrs Mofoluke Adebiyi, noted that the budgeting process has taken a new dimension in Oyo State.

Farinto said the State is almost rounding up on the preparation of the medium term expenditure framework from which future annual budgets will be derived. This means that the introduction of  multi-year budget will cater for 3 years budget which will be reviewed from time to time.

He pointed out that “The budget must be realistic and attainable. Oyo State is the Pace Setters State and this is why all hands must be on deck for the State to catch up with other States ahead and overtake. We must restore the old glory of the State.”

Appreciating Governor Seyi Makinde for opening up the budgeting system and getting the citizens more involved in the budgeting system, the commissioner explained that the State’s projection is to achieve 75% of the budget.

Noting that no sector can perform without budget, he charged the delegates to work diligently to achieving the set target.