Abiodun Presents N703bn Budget Proposal to State Assembly

*Bauchi governor proposes N300bn

James Sowole in Abeokuta

The Ogun State Governor, Dapo Abiodun, yesterday presented the 2024 Appropriation Bill of N703.02 billion to the State House of Assembly at the Assembly complex in Oke-Mosan, Abeokuta.

The budget proposal christened “Budget of Sustained  Growth And Development,” according to  Abiodun, was  to sustain the ISEYA mantra.
Addressing the lawmakers, the governor said N415 billion was estimated as capital expenditure, while N287 billion was earmarked as recurrent expenditure.
According to Abiodun, the recurrent expenditure comprised the personnel costs of N95.05 billion;  Consolidated Revenue Cost of N27.35 billion, Public Debt Charge of N59.09 billion and  Overhead Cost of N105.88 billion.

The key capital projects of N415.66 billion included light up projects and hosting of the 2024 Ogun National Sports Festival.
Other proposed capital projects were in the transport sector, road and housing  construction in the three senatorial districts of the state.
Abiodun disclosed that the revenue composition included Ogun State Internal Revenue Service (OGIRS) with an estimate of N100.81 billion and other Ministries, Departments, and Agencies (MDAs) estimated at N139.73 billion totalling N240.54 billion. “By this, we will achieve an IGR to GDP ratio of 4.1 per cent,”  he said.
He said the Statutory Allocation from the federal government was expected to be N182.05 billion and enjoined the lawmakers to give the bill accelerated consideration.

To ensure speedy passage of the 2024 Appropriation Bill, the governor said he had directed all commissioners, accounting officers, and heads of agencies to be personally available for the budget defence.
He added: “We are mindful of the fact that these are indeed hard times. That notwithstanding, let me assure our people that we will put our words into action in our development agenda for the state.

“We will leave no one in doubt about our genuine intentions to work for the development of our dear state. I strongly believe that by God’s will, with determination and collective effort, we shall succeed in the desire to sustain the growth of our dear state.”
Meanwhile, the Bauchi State Governor, Bala Mohammed  has presented the 2024 Appropriation Bill of over  N300.2 billion  before the State House of Assembly for consideration and approval.

This followed approval of the budget by the State Executive Council during it extraordinary meeting held at Government House Bauchi.
Presenting the document tagged ‘’Budget of consolidation and Renewed Focus” on the floor of the assembly on Mohammed said that it was was made up of recurrent expenditure of N121,341,193,343.11, representing 40.4 per cent and capital expenditure of the sum of N178,878,512,477.49, representing  59.6 per cent.

According to the governor, the 2024 proposed budget is 48.2 per cent higher than the budget for 2023, stressing that the increase was as a result of increase in revenue arising from the subsidy removal and the upward inflationary trends associated with the depreciating state of the local currency.
“This implies an increase in prices upon which our projects and programmes will be implemented. The adoption of this conservative approach is to ensure that projects and programmes captured have appropriate cost.

“The 2024 budget has been predicated on the assumptions of an oil production projection of 1.78 million barrels per day; a bench mark oil price of 73.96 US dollars per barrel; an exchange rate of N700 to the US dollar; an improved level of revenue accruals into the Federation Account arising from oil subsidy removal; and an improved and efficient system of internally generated revenue collection.

“Government has in the course of the preparation of the budget taken the following measures into consideration which include ensuring the completion of ongoing projects, proposing new projects only on the basis of critical need and the immediate impact they would make,” he stated.
The governor solicited for the continuous support of the 10th Assembly towards formulation and implementation of policies and programmes aimed at improving the quality of lives of the citizens.

Speaking after receiving the budget, Speaker of the State Assembly, Babayo  Akuyam, who commended the governor for his commitment to transforming the state, assured of speedy passage of the appropriation bill.