Follow Us on Google
Laide Raheem, Abeokuta
Ogun State governor, Dapo Abiodun, on Tuesday, presented N449.974bn as the budget proposal for 2020 before the State House of Assembly.
The appropriation bill, christened “Budget to Build Our Future Together”, according to the governor, was a reflection of his administration’s determination to deliver its the electoral promises to the optimal level.
The budget presentation, which was first by Abiodun since he assumed office, was witnessed by past military administrators of the state, former governor Gbenga Daniel, Gboyega Nasir Isiaka, traditional rulers, top officials of government and members of the civil society organisations.
Giving the components of the budget size, Abiodun, said a sum of N269.132bn was proposed as total capital expenditure, while total recurrent expenditure that would cover salaries and allowances, pension and gratuities and so on, would be N180.42bn.
The governor, who explained the proposed budget would be allocated among “Five Strategic Pillars” essentially coined I.S.E.Y.A, disclosed that infrastructure would gulp a sum of N107.964bn, while a sum of 128.067bn was proposed for social welfare and well-being.
Further analysis of the budget revealed that education and youth empowerment, culture and religion would gulp N91.609bn and N7.896bn, respectively. On agriculture, the governor said N21.634bn was expected to be expended on the sector in 2020, while a sum of N92.804bn was proposed for “others”.
On financing of the proposed budget, Abiodun, said N254.946bn is expected from the internally generated revenue, while a sum of N43.431bn is expected from the statutory allocations from the federal government. He added that a sum of N22.031bn is expected from the Value Added Tax (VAT) in 2020.
Other sources expected to finance the budget accordingly to the governor included capital receipts and other receipts of N89.706bn and 39 860bn.
While pointing out that “the action plan for the 2020 budget will continue with the tradition of exploring means of observing prudent financial management system, and thereby reducing cost of administration and plug waste,” Abiodun, submitted “we are going to strive to attract development partner on funding, from foreign and local investors, and financial institutions, to achieve our goals, strategic pillars, and desirable outcomes in the new year”.
In his remark, the Speaker of the State House of Assembly, Olakunle Oluomo, commended Abiodun for moving the state forward despite the various challenges he met on assumption of office.
He, however, said the House would study the proposed budget critically and give it speedy passage, to ensure it captures all the sectors of the economy, with the view of making life more abundant for the Ogun people.
