Governor Ibikunle Amosun, wednesday presented budgetary proposal of N402.633 billion christened “Budget of Enduring Legacy,” to the Ogun State House of Assembly for the 2019 fiscal year.
Amosun, accompanied by members of his cabinet and other top political office holders, including the All Progressives Congress (APC) Chairman in the state, Chief Derin Adebiyi, and traditional rulers, did the budget estimates presentation during the sitting of the House of Assembly presided over by the Speaker, Hon. Suraj Adekunbi.
He said the proposed budget is consistent with the mission to ‘Rebuild Agenda’ of the state and how it will serve to position Ogun State for its next growth trajectory.
“The. Speaker, honourable members, the 2019 budget has been appropriately titled“Budget of Enduring Legacy”,to reflect our determination to deliver on our electoral promises to the optimal level, even as our tenure wraps up. We therefore propose a Budget size of N402.63 billion which represents an increase of 17 per cent compared with the 2018 budget”, he said.
“Our Expenditure consists of Capital Expenditure of N254.055 billion or 63.10 per cent and recurrent expenditure of N148.577 billion. personnel cost, made up of salaries and allowances stands at N74.43 billion while pension and gratuities accounts for N22.2 billion which is 22.97 per cent of total recurrent expenditure and 5.51 per cent of total expenditure. The balance of N44.447 billion which accounts for 10.29 billion is set aside for the overhead costs,” Amosun said, pointing out that his administration has taken important strides with respect to growing revenues and directing it towards expanding the economic base of the state.
While giving a breakdown of the budget, he said it would be allocated to the five cardinal programmes of his administration in the following ratio: affordable qualitative education to take N88.579 billion (22 per cent), efficient healthcare delivery, N22.547 billion (5.60 per cent), agricultural production that will lead to massive industrialisation to gulp N20.131 billion (five per cent).
Others, according to the governor include Affordable Housing and Urban Renewal, taking N53.147 billion (13.2 per cent), rural and infrastructural development and employment generation, N82.539 billion (20.5 per cent), with other sectors budgeted to gulp the remaining N135.687 (33.7 per cent)
On government’s plan to finance the budget, the governor said N161.24 billion will be from Internally Generated Revenue (IGR), N42 billion from the federal allocation purse, N101.388 billion from capital receipts and N80 billion from other receipts.
While reviewing the 2018 budget performance, the Ogun State helmsman disclosed that his government had attracted almost 700 companies, developed the state in the areas of security, infrastructure, and ease of doing business amongst others.