The Ogun state government has presented a N221.13 bn Appropriation bill to the state house of assembly.
The bill will rely more on Internally Generated Revenue to the tune of 114.34 billion naira representing 51.7 percent, to finance the budget.
The state governor, Ibikunle Amosun while presenting the bill entitled “Budget of Repositioning” said it came in the wake of economic challenges in the nation.
The Governor explained other sources of funding the budget to include 41 billion naira from the federation account which represents 18.54 percent with a total revenue standing at 155.3 billion while capital receipt was put at 65.78 billion naira.
He stressed that ‘”our intention to reposition the state’s economy requires us to continue to place emphasis on capital expenditure. The budget is to support both the maintenance of existing infrastructure and allow the continued execution of more capital projects.
62.73 billion naira representing 28.37 percent was earmarked for salaries and allowances.
11.2 billion naira representing 5 percent for pension and gratuities. Overhead would gulp 28.89 billion naira representing 13.07 percent.
Capital expenditure would take 118.3 billion naira representing 53.5 percent of the total budget, while 102. 8 billon naira would go for recurrent which represents 46.5 percent.
Similarly, the Sectoral breakdown revealed that Affordable Qualitative Education would take 47 billion naira, Efficient Health Care Delivery gets 15 billion naira and 11 billion naira would be allocated for agricultural production.
Affordable housing and urban renewal gets 28.57 billion naira, Rural and infrastructural development as well as Employment generation would get 44.201 billion naira.
Other sectors would also be given the remaining 74.58 billion naira.
The proposed 221. 129 billion naira budget represents an increase of 10.45 percent compared with the 2016 budget.
The speaker, Suraju Adekunbi reaffirmed that the legislature will continue to collaborate with the executive in advancing the socio-economic development of ogun state.
The speaker explained that the assembly had within the last one year passed three bills into law.
Adekunbi added that the 8th legislature had also passed 12 motions into resolution.
The event had in attendance, former head of interim National government, Ernest Shonekan, General Oladipo Diya and former military sdministrators in the state.
Others are paramount rulers, foremost chartered accountant, Akintola Williams and senior government officials.