From Laide Raheem, Abeokuta
Ogun State Governor, Ibikunle Amosun, has laid a N345.42 billion 2018 Appropriation Bill before the House of Assembly.
Presenting the budget christened: ‘Budget of Accelerated Development,’ before the Assembly, yesterday, Amosun said proposed estimates indicate 57 percent increase in the 2017 approved budget which was N221.09 billion.
He noted further that the 2017 approved budget was, however, re-aligned in August, particularly on capital expenditure, to ensure his administration complete all ongoing physical projects across the state.
Amosun, who said despite the global economic recession, his administration took painstaking efforts to make sure it delivered on 2017 budgetary provisions, putting the budget performance in September at 72.6 percent. This performance, according to the governor is the highest by his administration so far.
Giving a breakdown of the 2018 budget, the governor, said the state intends to spend N223.721 billion as capital expenditure, which represents 64.77 percent of the total budget, while N121.698 billion was projected as recurrent expenditure, which represents 35.25 percent of the total budget. Amosun said as usual, education will take the lion share of the budget, with a proposed allocation of N79.246 billion, which represents N22.9 percent of the total 2018 budget.
Explaining how the 2018 budget will be financed, the governor said the budget will be financed with the internally generated revenue (IGR) estimated at N149.258 billion, representing 43.21 percent of the fund, while fund from the federation account is estimated at N48 billion, representing 13.90 percent of the total estimated fund.
Other sources of finance, according to Amosun are capital and other receipts, which he estimated at N98.160 billion and N50.00 billion respectively. These represent 28.42 percent and 14.48 percent of the total estimated funds of the proposed budget.
The governor, who disclosed that with the size of the 2018 proposed budget, his administration will focus more attention on the rehabilitation of federal roads, particularly Sagamu-Ogijo, Sango-Ojodu and Abeokuta-Sagamu-Interchange roads, also said no fewer than 171 rural roads will be done next year.
In his remarks, Speaker Suraj Adekunbi said members of the 8th legislature in partnership with other arms of government would re-dedicate themselves to actualise the the state’s collective goals as articulated in the 2018 budget estimate.
The speaker also reiterated his colleagues’ support to the speedy passage of the appropriation to enhance the provision of more infrastructural facilities and other necessities for improved quality of life for all residents of the state.