Governor Prince Dapo Abiodun of Ogun State presented a budget proposal of N703.03 billion for the fiscal year 2024 to the state House of Assembly.
This budget surpasses the N472.250 billion allocated for the 2023 fiscal year.
Themed “The Budget of Sustained Growth and Development,” the proposed budget comprises N287.37 billion for recurrent expenditures and N415.66 billion for capital expenditures.
Governor Abiodun broke down the budget, highlighting N95.05 billion for personnel costs, N27.35 billion as consolidated revenue, and N59.09 billion for public debt charges.
Overhead costs are allocated N105.88 billion, while capital expenditure will utilize N415.66 billion.
The sectors receiving substantial allocations include education (16%), health (12%), infrastructure (30%), and others.
Related News: Ogun to Distribute 5,000 Certificates of Occupancy to Property Beneficiaries
The expenditure policy aligns with the Ogun State Economic Development Plan and Strategy 2021–2025, focusing on fiscal sustainability, human capital development, food security, improved business environment, energy sufficiency, transport infrastructure, and promoting industrialization, especially in Small and Medium Scale Enterprises (SMEs).
Key capital projects for 2024 include the Light Up Ogun Project for uninterrupted power supply, hosting the 2024 Ogun National Sports Festival, road construction and rehabilitation, infrastructure development in economic clusters, and extension of the Lagos Blue Line and Red Line Metro Rail Projects.
Governor Abiodun emphasized the importance of security, highlighting the deployment of additional security networks, procurement of communication systems for security personnel, and the installation of intelligence and on-street transport management systems.
The budget also allocates funds for housing projects, water reticulation, youth training in digital solutions for agriculture, refurbishment of technical colleges, and construction and rehabilitation of classrooms.
The Speaker of the House of Assembly, Rt. Hon. Olakunle Oluomo, commended the collaborative efforts between the executive and legislative arms, expressing confidence in the budget’s accelerated passage to facilitate the state’s developmental goals.
Governor Abiodun highlighted the state’s impressive budget performance as of September 2023, reaching 74.39% of the pro-rated revenue target, marking a significant achievement in financial management history.
He assured that the administration is on track to finish the year with over 75% performance.
You can alsop read: Abiodun Commends Tinubu’s Bold Leadership, Calls for Patience Amid Economic Reforms