Abiodun proposes N449.974bn budget for year 2020
The Ogun State Governor, Prince Dapo Abiodun, has presented a sum of N449.974 billion as appropriation bill for the year 2020 to the State House of Assembly.
The budget tagged “Budget to Build Our Future Together” was N49.651billon higher than the 2019 budget of N400.323 billion by Senator Ibikunle Amosun’s administration.
Governor Abiodun said the 2020 budget estimates are hinged on the five strategic pillars of the current administration in the State, which include infrastructure; social welfare protection and well-being; Education; Youth empowerment, culture and religion as well as Agriculture.
A sum of N189.842 bn was earmarked for recurrent expenditure while N269.132bn was allocated for capital expenditure.
N107.964bn which represents 24 per cent of the budgetary allocation was allocated to infrastructure with N128.67bn earmarked for social welfare and well-being of workers.
Education had N91.60bn which represents 20 per cent of the budget, youth empowerment, culture and religion had N7.896bn and N21.634bn allocated for agriculture.
Also, expenditure on Salaries and Allowances include N83.2bn, Pension and Gratuities would gulp N9.45bn, total personnel cost N9.18bn with N71.659bn for overhead cost.
The proposed Internally Generated Revenue (IGR) is N244.96bn, while Statutory allocation is expected to be N43.431bn.
The governor said expected revenue from VAT is N22.03bn while other receipts are N129.566bn.
“Our Administration will continue to make the interests of the people the core of governance and not to betray their trust and mandate in order to and build collectively with the people, an enduring future for our dear State,” he added.
He urged the Assembly to expedite action on the signing of the bill, adding that “the challenges that lie ahead of us in the incoming year dictate that we should all work together, as we seek to create an enduring economy for our dear State and individual prosperity for our people, irrespective of gender, status, location, and religious or political affiliation.
“We have the indisputable judge of posterity looking over our shoulders to assess our performance and how well we have been able to keep our promises. Let me assure you that we are very resolute and we shall remain undaunted, undeterred and undisturbed in our effort to give our very best to our people.”
In his address, Speaker of the Ogun State House of Assembly, Rt Hon Olakunle Oluomo assured the governor of the legislature’s cooperation and support.
He said: “The House will give the necessary attention to the Year 2020 Appropriation Bill just presented to the House and ensure its passage within the shortest possible time, in keeping with the age-long tradition of this House.”