Ogun State Governor Dapo Abiodun has presented N703.028 billion as a 2024 appropriation bill to the State House of Assembly.
Christened “Budget of Sustained Growth and Development,” Governor Abiodun, while presenting the budget estimates to the state assembly on Thursday, said the budget is to sustain the administration’s quest for shared prosperity through the ISEYA mantra.
In his address to the lawmakers, the governor said N415.66 billion is estimated as capital expenditure, while N287.37 billion is earmarked as recurrent expenditure.
The proposed budget earmarked N95.05bn for personnel costs; consolidated revenue stood at N27.35bn, while the public debt charge was fixed at N59.09bn; and overhead costs were 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 into 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 the provision of infrastructure.
“…collaboration, fiscal prudence, and quality service delivery; expanding the revenue base in the area of internally generated revenue; and also ensuring the 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.
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He added that the state would continue to accord priority attention to the completion of all ongoing projects across the ISEYA Development pillars, including those with revenue potential and those that could enhance employment generation, as well as those consistent with the priorities articulated in the State Economic Development Plan and 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.
“Our objective is to create an enabling environment for businesses and industries to thrive through friendly policies and the 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.”
“To ensure speedy passage of the 2024 Appropriation Bill, I have directed all Commissioners, Accounting Officers, and Heads of Agencies to be personally available for the budget defense,” Abiodun said.
In his remarks, the Speaker of the Ogun State House of Assembly, Olakunle Oluomo, assured that the lawmakers would ensure a scrutiny of the proposed budget with a view to ensuring a timely passage of the budget in line with the standard practice of the state legislature.