The Ogun State Governor, Dapo Abiodun has presented a total Budget proposal of N472,250,694,447.58bn before members of the state House of Assembly for the 2023 fiscal year.
Meanwhile, N270.41bn has been earmarked for capital projects, while N201.84bn will go for recurrent expenditure.
The “Budget of Continued Development and Prosperity” consists of N79.47bn for Personnel costs, N21.12bn for Social Contribution and Social Benefits, with N39.90bn earmarked for public debt charge and N61.35bn for overhead cost.
Abiodun explained that the State in the next financial year would accord priority to the completion of all ongoing projects and those with revenue potentials including the projects that could enhance employment generation.
He noted that others to be prioritised are projects consistent with priorities articulated in the State Economic Development Plan and Strategy 2021-2025 and others that align with the seven thematic areas contained in the Medium-Term National Development Plan 2021-2025.
“The thematic areas were: economic growth and development, infrastructure, public administration (governance, security, and international relations), human capital development, social development, regional development, as well as plan implementation, communication, financing, Monitoring and Evaluation.”
The governor stated that the total State’s funding was estimated at N472.25 billion, he stressed that a total of 210.25bn, comprising of N90.00billion was expected to be generated by the State Internal Revenue Service in addition to N120.25bn expected from other Ministries, Departments and Agencies which would enable the State achieve an IGR to GDP ratio of 3.7%.
Abiodun affirmed that the State would sustain the existing Medium-Term Revenue Strategy to drive the Medium-Term Expenditure Framework , saying N92bn was being expected as statutory allocation (FAAC and VAT) from the Federal Government, with capital receipts put at N128.37bn comprising of internal and external loans as well as grants and aids.
Sectoral Allocations
Education: N66.79bn representing 14%
Health: N51.48bn representing 11%.
Housing and community development: N29.10bn representing 6%.
Agriculture and industry: N16.48bn representing 3 % of the total budget.
Infrastructure: N129.371bn representing 27% of the total budget.
Recreation, culture and religion to share N6.90bn, just as N23.38bn would be spent on social protection.
Earlier in his opening remarks, the Speaker, Rt. Hon. Olakunle Oluomo, said that the last three years of the present administration had witnessed unprecedented development in all areas of human endeavour.
Oluomo maintained that the Ninth Assembly had a cordial and peaceful relationship with the Executive Arm of the Government, which he said had reflected in the level of achievements recorded by the present administration since its inception in 2019.
The speaker commended the Governor for approving the release of fund for this year’s Constituency Projects in the State, adding that after the tenders board had completed the necessary processes with the Bureau of Public Procurement, the constituents would start witnessing the commencement of projects across the State.
He promised that the State lawmakers would ensure the timely passage of the budget and ensure the sustenance of law and resolutions that would facilitate the provision of the needed facilities and other necessities of life towards adding value to the quality of lives of all the people.
The presentation had in attendance former Military Administrators, members of the State Executive Council, traditional rulers, Head of Service, body of Permanent Secretaries, captains of industry , political office holders and party stalwarts among others.
