Ogun State Governor Presents N703.03bn Budget Proposal for 2024

The Ogun State Governor Dapo Abiodun has presented the fiscal Appropriation Bill of N703.03 billion to the State House of Assembly, with N415.66 billion earmarked for capital expenditure and N287.37 billion for recurring expenditure.

The Appropriation Bill, christened “Budget of Sustained Growth and Development”, also has N95.05 billion as personnel cost, with N105.88 billion earmarked for overhead expenses and N59.09 billion for public debt charge.

“The revenue composition includes Ogun State Internal Revenue Service (OGIRS) with an estimate of N100.81 billion and other Ministries, Departments, and Agencies (MDAs) estimated at N139.73 billion, totalling N240.54 billion,” he explained.

Abiodun added that capital receipt, which included internal and external loans, as well as grants and aids, were projected at N240.24 billion.

According to the governor, N209.122 billion was earmarked for infrastructure, representing 30 per cent of the budget, while the education sector got N109.219 billion, representing 16 per cent of the budget.

The sum of N81.185 billion was allocated to the health sector, representing 12 per cent of the budget.

Housing and Community Development got N28.886 billion, representing 4 per cent of the total budget.

While N14.213 billion goes to Agriculture and Industry, representing 2 per cent of the budget, N22.872 billion was earmarked for recreation and culture, representing three per cent of the total budget.

Abiodun further stressed that in 2024, the state government would continue to accord priority attention to the completion of all ongoing projects –  projects with revenue potentials and employment generation.

“It reflects the serious challenges currently facing our state, the key reforms necessary to address them and imperatives to achieve higher, more inclusive, diversified, and sustainable growth,” he said.

In his remarks, the Speaker of the Ogun State House of Assembly, Rt Hon. Olakunle Oluomo, appealed to the governor to consider the need for the implementation of the financial autonomy of the State Legislature and Judiciary as required by the constitution.

He noted that the financial autonomy would enhance democracy and harmonious relationship with the other arms of government.

He assured the governor of the full support of the Legislature, acknowledging the moral and financial support of the governor since assumption of office.

The speaker assured that the Assembly would give adequate attention to the appropriation bill and accelerated passage in order to actualize the progress of the state.