The Ogun State Governor, Prince Dapo Abiodun, on Wednesday, presented a proposed budget of N339 billion to the State House of Assembly for the 2021 fiscal year.
Abiodun said the Bill tagged “Budget of Recovery and Sustainability”, would further develop the goals of his administration of “Building the Future of Ogun State Together.”
The governor noted his administration in its quest to achieve good practise in public financial management, have adopted, for the second year running a Medium-Term Expenditure Framework (MTEF) for years 2021-2023.
He also informed the lawmakers and the distinguished audience for the first time, in the history of the state, Medium-Term Revenue Strategy (MTRS), had been introduced, which according to him was a major shift in budget preparation process from focus on the expenditure to a greater emphasis on the revenue-driven model.
A sum of N119bn was earmarked for Internally Generated Revenue while N59bn was estimated to cover statutory allocation, while the capital receipt is expected to gulp N142 billion, that is the Internal and External loans including Grants and Aid.
He added that the proposed expenditure of N339bn comprised of N162bn for recurrent and N177bn for capital.
The governor stated that a sum of N58bn will be spent on education; N75bn on economic affairs; N49bn on General Public Services; N35bn on health; N28bn on housing and community amenities and N5bn for social and environmental protection.
The governor also explained that a sum of N9bn was earmarked for Public Order and Safety; N7bn for Recreation, Culture and Religion and N73bn for statewide services, which include public debt charges, stabilisation fund, pensions and gratuities.
“The main thrust of our capital spending programme in 2021 is the completion of many on-going and new projects as possible across the State. Accordingly, we have prioritised projects that can be rapidly completed to benefit our people.
“I fully understand the difficulties many of our people are going through as a result of the effect of the pandemic. However, the road to economic growth is the establishment of sustainable public finance management that will bring about; better allocation of our scarce resources and improved public service delivery,” the governor said further.
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In his remarks, the Speaker of the Assembly, Hon Olakunle Oluomo, noted that the presentation of the proposed budget was an indication to the vibrancy of the present administration in the state.
He assured that the House of Assembly would continue to cooperate with the executive arm of government in the passage of laws and resolutions to that would facilitate the provision of the needed infrastructural facilities and other necessities that would make life more meaningful to the people of the state.
Oluomo said: “Our people must have, by now, realised through the various projects, both completed and on-going that this administration meant well for the state and we shall not relent on our oars to ensure that our state takes its pride of place among the comity of states in the federation.
“Let me seize this opportunity to assure you all, that the legislature will give the required attention to the Year 2021 Appropriation Bill and ensure its passage within the shortest possible time.”
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