04/12/2024
JUST IN: Governor presents ₦1.054trn Appropriation Bill to the Ogun State House of Assembly.
—The Governor presented the budget, titled “Budget of Hope and Prosperity” of ₦1,054,542,020,147.47 to the State House of Assembly earlier today as the State's proposed budget for 2025.
—-The budget is made up of ₦453.56 billion as Recurrent Expenditure and ₦600.98 billion as Capital Expenditures.
•••Sectoral Breakdown:
-Infrastructure: ₦284.456bn (27%)
-Education: ₦117.83bn. (11.7%)
-Health: ₦134.538bn. (13%)
-Housing and Community Development: ₦66.382bn. (6%)
-Agriculture and Industry: ₦65.387bn. (6%)
-Recreation, Culture and Religion: ₦25.27bn (2%)
-Social protection: ₦39.836bn (4%) etc.
•••Key Physical Capital Projects to be executed in the 2025 budget:
—Extension of the Redline Metro Rail from Agbado to Kajola, Blueline Metro Rail from Okokomaiko-Agbara/Lusada, and the Purpleline Metro Rail line.
•••Funding of the 2025 budget (projected estimates) :
-OGIRS: ₦120.97 billion.
-MDAs: ₦193.85 {OGIRS + MDAs total = ₦314.82 billion}
-Statutory allocations from the Federal Government, including VAT, are projected at ₦228.06 billion.
-Capital receipts comprising internal and external loans as well as grants and aids are estimated at ₦472.66 billion.
Speaking after the presentation, the governor said: "We will continue to accord priority attention to the completion of ongoing projects across the ISEYA development pillars; projects with revenue potentials; projects that enhance employment generation; projects consistent with priorities articulated in the State Economic Development Plan & Strategy 2021 – 2025.”
"Projects that align with the seven thematic areas contained in the Medium-Term National Development Plan 2021-2025, namely: Economic Growth and Development; Infrastructure; Public Administration (Governance, Security, and International Relations); Human Capital Development; Social Development; Regional Development; Plan Implementation, Communication, Financing, Monitoring, and Evaluation," the governor noted.
Giving a review of the 2024 budget, Governor Abiodun said the state had achieved 79% of its pro-rated revenue target and 56% of its pro-rated expenditure target as of September 30, emphasizing that the performance over the past few years underscores the state's fiscal reliability.
"Our internally generated revenue capacity remains commendable among sub-national entities. We will continue to leverage existing statutes to enhance revenue transparency, broaden the base, and strengthen the state's finances without imposing additional burdens on residents," the governor assured.
