Ogun State Governor, Dapo Abiodun, on Thursday, presented N703.03 billion budget proposal for the year 2024 to the state House of Assembly.
This is against the N472.250 billion budgeted for the 2023 fiscal year.
Giving a breakdown of the budget tagged “The Budget of Sustained Growth and Development”, the governor noted that it was made up of N287.37 billion recurrent and N415.66 billion capital expenditures.
Abiodun stated that N95.05 billion will be used for personnel costs, N27.35 billion as consolidated revenue, while N59.09 billion will go for public debt charges.
Governor Abiodun noted that N105.88 billion is for overhead cost while capital expenditure will gulp N415.66 billion.
On sectoral allocation, he said the sum of N109.219 billion, representing 16 per cent will go for education, N81.185 billion representing 12 per cent will be for health, while N28.886 billion, representing four per cent will be for housing and community development.
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The governor further disclosed that N14.218 billion, representing two per cent, will go for agriculture and industry, while N209.122 billion, representing 30 per cent, is allocated to infrastructure.
Others are N22.872 billion, representing three per cent for recreation and culture, N28.692, representing four per cent for social protection, while general public service, executive organ will gulp N31.125 billion, representing four per cent.
The state government is to spend N34.954 billion for General Public Service Financial and Fiscal Affairs, representing five per cent, N1.939 billion, representing 0.3 per cent for General Public Service-General Personnel Service, and N12.187 billion, representing two per cent for Public Order and Safety.
Abiodun added that economic affairs will take N3.083 billion, representing 0.4 per cent, judiciary N7.029 billion, representing one per cent, legislature, N14.412 billion, representing two per cent, while N104.114 billion, representing 15 per cent is for the statewide.
The expenditure policy of the government in 2024, the governor said, is designed to achieve the strategic objectives of the Ogun State Economic Development Plan and Strategy 2021 – 2025, including fiscal sustainability, human capital development, food security, improved business environment, energy sufficiency, improving transport infrastructure, and promoting industrialization, focusing on Small and Medium Scale Enterprises.
He said his administration would focus on the construction of infrastructure at the various economic development clusters, while efforts would be made to extend the Lagos Blue Line Metro Rail Project into Agbara, as well as the extension of the Lagos Red Line Metro Rail Project to Ijoko and Ifo/Kajola in line with the execution of the state’s multi-modal transport plan under the Lagos-Ogun Joint Development Commission initiative.
Governor Abiodun, who emphasised the need to further secure the state, said additional security networks would be deployed and communication systems procured for security personnel, stressing the need for the installation of intelligence and on-street transport management and enforcement systems in all the three senatorial districts of the state.
Speaking, the Speaker of the House, Olakunle Oluomo, applauded the cordial relationship between the executive and the legislative arms, saying this has culminated in the socio-economic development of the state.
Oluomo promised that the lawmakers would work towards giving the bill accelerated passage for the government to continue its developmental stride.
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