As the 2023 Supplementary budget forwarded to the Oyo State House of Assembly by Governor Seyi Makinde scales 2nd reading, the State lawmakers emphasize the necessity for the State Government to implement new measures for expanding the tax net. This move is crucial for funding the proposed budget increment.
The 2023 Supplementary budget, seeking an upward revision from #310,432,500,000 to #352,282,500,000, is referred to the House Committee on Finance, Appropriation, and Budget for further scrutiny.
Governor Makinde cites the adverse economic effects of the removal of subsidy on Premium Motor Spirit (PMS) and the floating of exchange rates by the Federal Government as reasons for the supplementary budget.
During deliberations, lawmakers highlight the importance of increasing and broadening the State Government’s tax revenue base to fund the budget without placing additional burdens on citizens already affected by recent government policies.
They stress the need not to raise tax rates but to ensure the inclusion of more individuals who have not been contributing to taxes.
Additionally, lawmakers appeal to the State Government to guarantee proper and timely tax remittances to prevent leakages.
They acknowledge the challenges posed by federal policies and express concern for citizens facing adverse economic effects.
Speaker Hon. Adebo Ogundoyin appreciates colleagues for their contributions and assures continued legislative oversight on government activities, underlining the commitment to responsible governance amid economic challenges.
