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Osun State Governor, Gboyega Oyetola, yesterday, presented N119.5 billion budget to the House of Assembly for the 2020 fiscal year.
Oyetola, while presenting the budget tagged, ‘Budget of Restoration’, said the presentation was in accordance with Section 121(1) of the 1999 Constitution, as amended.
It was gathered that the budget is below the 2019 budget of 152.7bn.
The governor gave the recurrent expenditure as N57. 6 billion, representing 48.24 percent, while the capital expenditure stood at N61.8 billion, representing 51.76 percent.
Under the recurrent expenditure, he said N36.5 billion representing 30.50 percent would be spent on personnel, N20.009 billion, representing 16.74 percent accounted for overhead and N1.2 billion, representing one percent would be for Consolidated Revenue Fund.
On capital expenditure, N4. 3 billion, representing 6.97 percent would go for health, N6. 5 billion, representing 10.53 percent for education, N2. 3 billion, representing 3.82 percent for agriculture and N4. 3 billion, representing 6.99 percent for governance and administration sector, among others.
Oyetola, however, said the expected revenue in 2019 budget fell below the state government expectation, stressing the need for government to redouble its effort in its Internally Generated Revenue (IGR) drive.
The governor urged the lawmakers on the need for a speedy passage of the budget.
Earlier, Assembly Speaker, Timothy Owoeye, promised quick passage of the budget by the parliament.
Owoeye said the aim of the parliament was to put the state on the path of economic growth and stability.
