Ogun State Governor, Prince Dapo Abiodun on Tuesday presented a budget proposal of N449.974 billion to the State House of Assembly for approval for the 2020 fiscal year.
Abiodun, who presented the budget christened “Budget to Build Our Future Together” at a plenary presided over by Speaker, Olakunle Oluomo at the Assembly Complex, Oke-Mosan, Abeokuta, Ogun State, said the annual fiscal estimate was targeted at reflecting the present administration’s determination to deliver on its electoral promises to the people.
Giving the breakdown of the budget, the governor explained that N269.132bn, representing (60.31%) was proposed for capital projects, with N180.842bn (39.69%) set aside for recurrent expenditure, adding that salaries and allowances stood at N83.238bn.
He also stated that pension and gratuities would take N25.94bn, representing 18% of total expenditure with the balance of N71.659bn resulting in 16% of the total budget earmarked for overhead cost.
Abiodun noted that government would formulate policy thrust for the holistic actualization of the budget towards localising the Sustainable Development Goals (SDGs) through the public-private partnership initiatives, having put in place a mechanism for a workable public financial management system to eliminate leakages at ensuring efficient and judicious use of the State wealth.
According to the governor, other action plans to be put in place included full automation of the State Finance functions, strict adherence to the proposed fiscal responsibility law, instituting credit rating for the State by internationally accepted rating agencies, strengthening internal audit functions, while ensuring timely publication of audited accounts.
Speaker of the Ogun State House of Assembly, Oluomo, remarked that the 2020 budget presentation by the State Governor was a constitutional requirement for all elected governors in line with Sections 121 of the Constitution of the Federal Republic of Nigeria (as amended), aimed at giving residents of the State an insight into the lofty dreams of the present administration with a view to making the State a model in the comity of States.
Oluomo posited that the strides and solid foundations laid in all sectors of the State economy since inception of the present administration was a pointer to the massive growth and development that the residents of the State would witness under the Prince Dapo Abiodun led administration.