Governor Ibikunle Amosun of Ogun State, on Tuesday, proposed a sum of N345.42b appropriation budget estimate for the 2018 fiscal year.
Presenting the budget christened ‘Budget of Accelerated Development’ before the House of Assembly, Governor Amosun said the proposed budget indicated 57% increase on the 2017 approved budget which was N221.09 billion.
He noted further that the 2017 approved budget was, however, re-aligned in August, particularly on capital expenditure, in order to ensure his administration complete all the ongoing physical projects across the state.
Governor Amosun, who said that despite the global economic recession, his government took painstaking efforts to make sure it delivered on 2017 budgetary provisions, putting the budget performance at September 72.6%. This performance, according to the governor is the highest by his administration so far.
Giving the breakdown of the 2018 appropriation bill, the governor stated the state intended to spend a sum of N223.721b as capital expenditure, which represents 64.77% of the total budget, while N121.698b was projected as recurrent expenditure, which represents 35.25% of the total budget.
Governor Amosun stated further that as usual, education would take the lion share of the budget, with a proposed allocation of N79.246 billion which represents N22.9% of the total 2018 appropriation bill.
Explaining how the 2108 budget would be financed, the governor said the budget would be majorly financed with the internally generated revenue (IGR) estimated at N149.258 bilion, representing 43.21% of the fund, while fund from the federation account is estimated at N48 billion, representing 13.90% of the total estimated fund.
Other sources of finance, according to Governor Amosun, are capital and other receipts, which he estimated at N98.160 billion and N50.00 billion respectively. These represent 28.42% and 14.48% of the total estimated funds of the proposed budget.
The governor, who disclosed that with the size of the 2018 proposed budget, his administration would focus more attention on the rehabilitation of federal roads, particularly Sagamu-Ogijo, Sango-Ojodu and Abeokuta-Sagamu-Interchange roads, also said no fewer than 171 rural roads would be done next year.
In his remarks, the Speaker of the Ogun State House of Assembly, Suraj Adekunbi, reassured that members of the 8th Legislature in partnership with other arms of government would re-dedicate themselves to further actualise the state’s collective goals as articulated in the 2018 budget estimate.
The Speaker also reiterated his colleague lawmakers’ support to the speedy passage of the appropriation to enhance the provision of more infrastructural facilities and other necessities for improved quality of life for all residents of the State.