The Ogun State Governor, Dapo Abiodun, on Thursday, presented fiscal Appropriation Bill of N703.028billion to the State House of Assembly, with N415.66billion earmarked as capital expenditure.
Abiodun stated that the fiscal year’s recurrent spending was N287.37 billion.
The Appropriation Bill, dubbed the “Budget of Sustained Growth and Development,” also includes N95.05 billion for personnel costs, N105.88 billion for overhead expenses, and N59.09 billion for public debt service.
“The revenue composition includes the Ogun State Internal Revenue Service (OGIRS) with an estimated N100.81 billion and other Ministries, Departments, and Agencies (MDAs) with an estimated N139.73 billion, for a total of N240.54 billion.”
Abiodun went on to say that capital receipts, which included internal and external loans, grants, and assists, were expected to total N240.24 billion.
Highlighting the breakdown of the proposed budget, the governor explained that infrastructure would gulp N209.122 billion, representing 30 per cent of the budget.
The governor stated that education would gulp N109.219billion, representing 16 per cent; health sector got N81.185 billion, representing 12 per cent while N28.886billion, representing four per cent, was earmarked for housing and community development.
He added that agriculture and industry, would gulp N14.213billion , representing 2 per cent, while N22.872billion, representing three per cent, was earmarked for recreation and culture.
Abiodun explained that in 2024, the state government would continue to accord priority attention to completion of all ongoing projects, projects with revenue potentials and projects that could enhance employment generation.
“Education remains the bedrock of any nation. As such, we are committed to revitalising the Education Sector.
“As a strategic move, we shall be having an Education Summit in the first quarter of the new year where numerous challenges facing the sector will be considered with a view to repositioning the quality of education in the Ogun State.
“The 2024 budget proposal is the fifth prepared by this Administration. 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,” Abiodun stated.
In his remarks, Mr Olakunle Oluomo, the Speaker, appealed to the governor to consider the need for the implementation of the financial autonomy for the state legislature and judiciary as required by the constitution.
He noted that the financial autonomy would enhance democracy, harmonious relationship with the other arms of government.
He assured the governor that the legislature would not take the current administration for granted, acknowledging the moral and financial support of the governor since assumption of office.
He, however, assured that the House of Assembly would give adequate attention to the appropriation bill and give it accelerated passage in order to actualise the progress of the state.