..earmarks N415.66bn for Capital Expenditure
The Ogun State Governor, Prince Dapo Abiodun has presented a total of N703,028,013,431.64 as the Year 2024 Appropriation Bill to the State legislature, out of which N415.66bn was earmarked for Capital Expenditure while recurrent expenditure will gulp N287.37bn.
The proposed budget christened, “Budget of Sustained Growth and Development” earmarked N95.05bn for personnel costs, consolidated revenue stood at N27.35bn, while public debt charge was fixed at N59.09bn, and overhead cost put at N105.88bn for the next fiscal year.
Giving the functional classification and key allocations of the 2024 budget, Governor Abiodun noted that 16% of the total budget amounting to N109.21bn would be expended on Education, 12% resulting in N81.18bn was set aside on health, housing, and community development gulps N28.88bn resulting into 4%, N14.21bn being 2% on agriculture and industry, 30% amounting to N209.1bn was set aside for infrastructure, 3% on recreation and culture, with 4% on social protection. He added that General Public Service- executive organ allotted 4%, and General public service – financial & fiscal affairs allocated 5%.
Others he noted included General public service – general personnel service put at 0.3%, public order & safety allotted 2%, likewise economic affairs given 0.4%, just as Judiciary and Legislature were allocated 1% and 2% respectively with statewide put at 15%.
According to him, “The budget is expected to sustain our administration’s quest for shared prosperity through the ISEYA mantra. Our objective is to create an enabling environment for businesses and industries to thrive through friendly policies and provision of infrastructure; collaboration, fiscal prudence, and quality service delivery; expanding the revenue base in the area of internally generated revenue, and to also ensure timely completion of on-going developmental projects through equitable and effective distribution and allocation of available resources.
“Our principal objective in 2024 is to maintain and enlarge our economic base while being strategic toward harnessing economic opportunities in the outer years of our administration”, the Governor stated.
He added that the State would continue to accord priority attention to the completion of all ongoing projects across the ISEYA Development pillars; projects with revenue potentials and those that could enhance employment generation, likewise those consistent with priorities articulated in the State Economic Development Plan & Strategy 2021 – 2025.
The Governor explained that increasing focus would be on projects that align with the seven thematic areas contained in the Medium-Term National Development Plan 2021-2025 including economic growth and development; infrastructure; public administration inclusive of governance, security and international relations; human capital development; social development; regional development; plan implementation, communication and financing as well as monitoring and evaluation
Earlier, Governor Abiodun had led the State lawmakers and other dignitaries to observe a minute silence in honor of the late Director of Finance and Accounts, Office of the Governor, Mr. Taiwo Oyekanmi, who was gruesomely murdered in the line of duty, describing him as a dedicated and upright official who performed his duties with utmost diligence. The Governor therefore directed that the National flag be flown at half-mast in the State for one week in honour of the deceased.
He explained that the implementation of financial autonomy for the State legislature would further aid its operation in line with its constitutional roles with other arms of government as partners in progress in the Building Our Future Together Agenda of the present administration.
In his closing remarks, Speaker Oluomo assured that the lawmakers would ensure scrutiny of the proposed budget to ensure a timely passage of the budget in line with the standard practice of the State legislature.
Dignitaries present at the budget presentation included the State Deputy Governor, Engr. Noimot Salako-Oyedele, her former colleagues, Yetunde Onanuga and Salimot Badru, former Secretary to the State Government, Adegbemi Onakoya, former Speakers Titi Oseni-Gomez and Tunji Egbetokun, Former Heads of Service, members of the State Executive Council, members of body of Permanent Secretaries and party stalwarts amongst others.
