2018 Budget: Ogun Assembly reduces 2018 Appropriation Bill by over N1.4bn

THE Ogun State House of Assembly has reduced the 2018 Appropriation Bill presented by the executive arm of government by N1,434,500 from the budget size of N345,418,462,106.

The State Governor,  Senator Ibikunle Amosun, last November, presented the appropriation bill to the Assembly.

The legislative arm on Thursday passed N343,983,962,106 into law for assent by Amosun.

The passage of the over N343bn budget saw to the adjustments in the recurrent expenditures of nine agencies, just as four agencies also had their capital expenditures adjusted, while revenue targets of nine agencies including proposed external loans were also adjusted.

The passage of the bill was sequel to the presentation of the report of the House Committee on Finance and Appropriation led by Hon. Akanbi Bankole, who thereafter moved the motion for its adoption, seconded by Hon. Israel Jolaoso and supported by the whole House through a voice vote.

According to the report, capital expenditure was slashed from N223.721 billion to N222.881 billion resulting in a difference of N840 million, while the total revenue target was moved from over N345.418 billion to over N343.983 billion giving a reduction of over N1.434 billion.

The bill was thereafter read clause- by- clause before the members by Speaker Suraju Ishola Adekunbi, while the Minority Leader, Olawale Alausa, moved the motion for the third reading, which was seconded by Hon. Jimi Otukoya and the Clerk of the House, Engr. Lanre Bisiriyu did the third reading of the bill.

Passing the bill, Speaker Adekunbi commended his colleagues and the entire members of staff for their support and dedication to duty which led to the speedy passage of the Appropriation bill and later directed that the clean copy of the bill be sent to the Governor for his assent.

It would be recalled that Governor Ibikunle Amosun on the 21st of November, 2017 presented the budget size of N345,418,462,106: 00 as the 2018 Budget; which was christened: “Budget of Accelerated Development,” out of which N223.721 billion representing 64.7 per cent was earmarked for capital projects. The remaining N121.698 billion which represented 35.2 per cent was set aside for recurrent expenditure with the target revenue which consisted of the Internally Generated Revenue and proceed from the Federation Account was put at N197.258 billion  representing 57.10% of total funding.