Osun state governor, Mr Gboyega Oyetola on Thursday presented N119,550,401,040.00 budget for the 2020 fiscal year to the Osun State House of Assembly.
Details of the budget, christened “Budget of Restoration” indicated that the recurrent expenditure stands at N57,674,993,990.00 while capital expenditure amounted to N61,875,407,050.00.
Sectoral allocation showed that the finance and revenue mobilisation sector got the lion share of the budget with the sum of N23,976,673,840.00, representing 38.75% of the total budget followed by the infrastructure sector which was allocated a sum of N9,318,841,640.00, representing 15.06% of the budget.
The education sector received N6,517,762,830.00 (10.53%), just as health sector got N4,311,456,450.00 (6.97%), while governance and administrative sector received N4,323,555,790.00 (6.99%). Agriculture sector got N2,363,716,760.00 (3.28%), among others.
According to the governor: “I stand to assure the good people of Osun state that this administration would continue to pursue judiciously the formulation and implementation of policies, programmes and projects that would bring about the restoration and sustainable growth of our dear state as will be unfolded in the proposed the year 2020 estimates.”
“I want to place on record that inputs were sought from all stakeholders in the process of the formulation of the 2020 budget being presented today. For example, there was a budget consultative forum in all the three senatorial districts between 30th October to 1st November 2019.
“It should be noted that the process of the formulation of the 2020 budget started since July 2019 with the preparation of Medium Term Expenditure Framework (MTEF) approved by this honourable House in line with fiscal responsibility law,” Oyetola remarked.
While recalling the performance of the 2019 budget, the governor said: “The analysis revealed that the actual revenue collected from January to September 2019 fell short of the projected revenue by a very wide margin”.
Oyetola continued: “It is very glaring from the presentation that the bulk of state’s total revenue for the was received from Federation Accounts. The implication of this is that Osun state must redouble its efforts in our bid to improve our IGR.”
Earlier in his remark, the Speaker, Osun State House of Assembly, Hon Timothy Owoeye, maintained that “for timely passage, all MDAs are expected to appear before the standing committees for the defence of their budget estimates within the next few days”, adding that this will fast-track the eventual passage of the budget the end of the year.