Governor Rauf Aregbesola of Osun State haa presented 2018 budget proposal of N173,980,083,007 to the Osun State House of Assembly for approval.
The budget, Christened “Budget of Enduring legacy” is N27,347,336,027 higher than that of 2017 that was N146,632,746,980.00.
Aregbesola, while presenting the draft Budget said it is anchored on the avowed commitment of his administration to provide a conducive living environment for the people of Osun State.
Summarising the draft 2018 revenue budget, the governor told the House of Assembly the state will be expecting money to finance the budget from expected government share of Federation Account N27 billion forming 15.56 percent, Value Added Tax N8.8 billion (5.10 percent).
Others are Excess crude account N77.7 billion (0.04 percent),other revenue from FAAC N5,052.6billion (2.90 percent), personal and corporate taxes are put at N25.1 billion (14.45 percent) and N9.7 billion (5.58 percent) respectively,
Expected form Licenses is N1.5 billion (0.92 percent), General fees N20.8 billion (11.99%), General. Earnings N3.6 billion (2.55 percent), rent on government buildings and rent on lands and others at N335.7 billion (0.19 percent) and N279 billion (0.16 percent) respectively.
Other sources are repayment, investment income, interest earned, reimbursement, domestic aids, foreign aids, domestic grant and foreign grants.
The governor put the total year expected receipt at N151.9 billion (87.34 percent), other sourced fund to finance specific projects are internal source and external are N1.5 billion (0.86 percent) and external source N20.5 billion (11.80 percent” respectively.
He said, “Our ultimate goal for the 2018 Budget is to ensure a continuous improvement in the welfare and standard of living of our people.
Aregbesola from the budget presentation put the summary of total arrears transferred to the Draft 2018 Budget as budget surplus/deficit N-28.6 billion, liabilities, N22 billion, salary arrears N-22.8 billion, Pension and gratuity, N-6.7 billion and capital arrears (dredging/flood control) N-2.3 billion totaling N-38.5 billion
He said, “Having presented the highlights of the summary of the revenue and expenditure components of the draft 2018 Budget as well as the sectoral and sub-sectoral classifications of the Capital Budget, let me now present the highlights of the proposals contained in the budget.
“I will start by highlighting the achievements recorded in each of the sectors/sub-sectors and thereafter speak on the programmes and projects admitted into the 2018 Budget.
”The State of Osun, being an agrarian economy with arable fertile soil, can only move forward positively by revolutionising agriculture. The present administration will continue to put agriculture in its pride of place of the state economy.
“Agriculture will not only provide employment for our teeming masses, it will also encourage rapid agro-allied industrialization of the state, generation of income and improved welfare of the citizenry.
“As spelt out in the Six-Point Integral Action Plan, our intention is to make agriculture profitable, attractive as a good venture as well as making food available in the State for the well being of our citizens.
In his remarks, the Speaker, Osun House of Assembly, Hon. Najeem Folasayo Salam, commended Governor Rauf Aregbesola for delivering dividends of democracy to the people of the state.
Salam hailed Aregbesola for being faithful to his electioneering promises made to the people of the state in the last seven years.
According to him, “We can learn from history, but we can also deceive ourselves when we selectively take evidence from the past to justify what we have made up our minds to do.
“Today, history is being made not because Governor Rauf Aregbesola is presenting the financial estimate for the 2018 fiscal year, but because his is appearing before this distinguished parliament for the last time on this kind of an exercise in this hallowed chamber.
“I must appreciate Governor Aregbesola for dedicating himself to the thankless job of state Chief Executive. He has once asserted energy and intelligence on the job given to him; he has been faithful to his six-point integral action plan, which he promised during his electioneering campaign and he has successfully charted a new course of development for this state beginning from intangible to tangible.”