Gov Dapo Abiodun this Thursday presented a budget appropriation bill of N703.03 billion for the Gateway State in year 2024 to the State house of assembly.
Gov Abiodun who tagged the budget as “Budget of Sustained Growth & Development”, said it would focus on projects that align with the seven thematic areas contained in the Medium-Term National Development Plan 2021-2025 which are Economic Growth and Development; Infrastructure; Public Administration, Human Capital Development, Social Development, Regional Development; and. Plan Implementation, Communication, Financing, Monitoring and Evaluation.
The Governor said the budget is with a view to sustaining his administration’s quest for shared prosperity through the ISEYA mantra and to create an enabling environment for businesses and industries to thrive through friendly policies and provision of infrastructure; collaboration, fiscal prudence, and quality service delivery.
A breakdown of the appropriation bill by Gov Abiodun shows that proposed expenditure comprise of N287.37 billion as recurrent and N415.66 billion as capital expenditure with personnel costs having N95.05B, consolidated revenue cost being N27.35B, public debt charge N59.09B, overhead cost of N105.88B and capital expenditure of N415.66B.
Some of the allocation of the expenditure to different sectors has read by Mr Governor include, education sector N109,21bn, health N81,185.66bn, housing & community development N28,886.43bn, agriculture and industry #14,213.03bn, infrastructure N209,122.60bn, recreation & culture N22,872.69bn, social protection N28,692.08 amongst others.
Key physical capital projects in the 2024 budget include as announced by Mr Governor are
The Governor informed that revenue composition includes Ogun State Internal Revenue Service (OGIRS) with an estimate of N100.81 billion, other Ministries, Departments, and Agencies (MDAs) estimated at N139.73 billion totaling N240.54 billion, while capital receipts are estimated to be N240.24 billion comprising Internal and external loans as well as grants and aids.
He noted that in 2024 government would continue to accord priority attention to completion of all ongoing projects, projects with revenue potentials; enhance employment generation; consistent with priorities articulated in the state economic, development plan & strategy 2021 – 2025.
Gov Abiodun concluded that the State’s economy will continue to grow within the medium term of 2024-2026 given government’s apt fiscal interventions which are expected to boost productivity, encourage the growth of micro, small, and medium enterprises, boost industrial and agricultural production with positive ripple effects on purchasing power of consumers.