Ogun State Governor Dapo Abiodun on Tuesday presented a budget proposal of N449.97billion for the 2020 fiscal year to the House of Assembly, with N269.132 billion earmarked for capital expenditure.
The News Agency of Nigeria (NAN) reports that the budget tagged: “Budget to Build our Future Together,” also has N180.842 billion proposed for recurrent expenditure, representing 39.69 per cent.
The governor said that the 2020 budget proposal was based on his administration’s resolve to reflect the determination to deliver electoral promises to the optimal level.
He said an estimated N254.946 billion was projected as internally generated revenue for the state, while statutory allocation was expected to be N43. 431billion.
“Personnel cost will be N109.183 billion, salaries and allowances is N83. 238 billion, pension and gratuities will be N25.945 billion, while overhead costs stands at N71.659billion,” he said.
Abiodun stated that the proposed budget would be funded largely through Internally Generated Revenue (IGR).
He said that infrastructure had the lion’s share of N107.964 billion, followed by social well-being and welfare, N128.06billion.
According to Abiodun, education will receive N91. 609 billion, youth empowerment, N7. 896 billion, while N21. 634 billion was earmarked for agriculture and N92. 804 billion would go to other sectors.
The Speaker of the House of Assembly, Mr. Olakunle Oluomo, said the 9th Assembly had passed eight bills and 10 resolutions since its inauguration on June 10.
He added that the legislature had equally ensured that funds appropriated in the 2019 budget were expended on projects for which they were meant through its oversight functions.
