Gov. Abiodun presents N449.9billion Budget

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The Ogun State Governor, Dapo Abiodun, on Tuesday presented N449. 974 2020 budget proposal before the State House of Assembly.

The budget was Christened, ”Budget to build our future together.“

While presenting the budget to the Speaker of Ogun Assembly, Olakunle Oluomo, Abiodun explained what the 2020 appropriation bill looks like.

He said, “Mr. Speaker, permit me to turn our attention to the coming year and the implications of these proposals upon the trajectory of development in the State.

“The 2020 Proposals have been aptly titled Budget to Build Our Future Together, to reflect our determination to deliver on our electoral promises to the optimal level. We, therefore, propose an estimated expenditure of N449.974 Billion.

“The components of the Budget are summarized as follows:

“Expenditure on Salaries and Allowances: Eighty-Three Point Two Three Eight Billion Naira which is Eighteen Percent of total.

“Pension and Gratuities: Twenty Five Point Nine Four Five Billion Naira which is Six Percent of total.

“The total Personnel Cost is One Hundred and Nine Point One Eight Three Billion Naira which is Twenty Four Percent of total.

“The Over Head Cost is Seventy One Point Six Five Nine Billion Naira which is Sixteen Percent of total.

“Total Recurrent Expenditure is One Eight Zero Point Eight Four Two Billion Naira which is Thirty-Nine Point Six Nine Percent of total.

“Capital Expenditure is Two Six Nine Point One Three Two Billion Naira which is Sixty Point Three One Percent of total.”

Speaking about funding, the Governor disclosed that the proposed budget is to be funded as follows:

“Proposed IGR is Two Hundred and Fifty Four Point Nine Four Six Billion Naira which is Fifty-Seven Percent of total.

“Statutory Allocation is expected to be Forty Three Point Four Three One Billion Naira which is Ten Percent of total.

“Expected revenue from VAT is Twenty Two Point Zero Three One Billion Naira which is Five Percent of total.

“Capital and other receipts are One Hundred and Twenty Nine Point Five Six Six Billion Naira which is Twenty Eight Percent of total.

Analysing the proposed expenditure, Abiodun said, “Our proposed expenditure consists of Capital Expenditure of N269.132 Billion i.e. 60.31% and Recurrent Expenditure of N180.842 Billion i.e. 39.69%. Salaries and Allowances stand at N83.238 Billion, while Pension and Gratuities account for N25.945 Billion, which is 18% of total Expenditure and Pensions & Gratuities are 6% of total Expenditure. The balance of N71.659 Billion which accounts for 16% is set aside for the Overhead Costs.

“To our Five Strategic Pillars, essentially coined I.S.E.Y.A, we propose as follows:

“Infrastructure is One Hundred and Seven Point Nine Six Four Billion Naira which is Twenty Four Percent of total.

“Social Wellbeing and Welfare is One Hundred and Twenty Eight Point Zero Six Seven Billion Naira which is Twenty Eight Percent of total.

“Education is Ninety One Point Six Zero Nine Billion Naira which is Twenty Percent of total.

“Youth Empowerment is Seven Point Eight Nine Six Billion Naira which is Two Percent of total.

“Agriculture is Twenty One Point Six Three Four Billion Naira which is Five Percent of total.

“Others are Ninety Two Point Eight Zero Four Billion Naira which is Twenty One Percent of total.”

The Ogun Assembly will look into the proposed 2020 budget for approval.

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