GOVERNOR Dapo Abiodun of Ogun state has presented the 2024 budget of N703 billion to the State House of Assembly for approval.
Presenting the titled “Budget of Sustained Growth and Development,’ on Thursday, November 30, Abiodun said the budget comprised N415.66 billion for capital expenditure and N287.37 billion for recurrent expenditure.
He also said the budget had consolidated revenue cost of N27.35b billion, N95.05 billion as personnel cost, N105.88 billion in overhead expenses, and N59.09 billion as public debt charge.
“The revenue composition includes 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,” he said.
The Governor also noted that capital receipt, including internal and external loans, grants, and aids, were projected at N240.24 billion, adding that infrastructure would gulp N209.122 billion, representing 30 per cent of the budget.
Abiodun earmarked N109.219 billion for education, representing 16 per cent and a total of N81.185 billion for the health sector
The amount for health represents 12 per cent of the budget estimates, while N28.886 billion, representing four per cent, was earmarked for housing and community development.
Abiodun explained that agriculture and industry would gulp N14.213 billion, representing two per cent, while N22.872 billion, representing three per cent, was budgeted for recreation and culture.
The governor emphasized that in 2024, the state government would focus on finalizing ongoing projects.
“As a strategic move, we shall be having an education summit in the first quarter of the new year where numerous challenges facing the sector will be considered with a view to repositioning the quality of education in the Ogun State.
“The 2024 budget proposal is the fifth prepared by this administration. It reflects the serious challenges currently facing our state, the key reforms necessary to address them, and imperatives to achieve higher, more inclusive, diversified, and sustainable growth,” he said.
During his overview of the primary physical capital projects outlined in the 2024 budget, he revealed that the ‘Light up Ogun Project’ would involve procuring and installing transformers across the state.
He further stated that his administration planned to collaborate with the private sector to ensure uninterrupted power supply within 24 months.
According to him, the state is set to host the 2024 National Sports Festival alongside the ongoing construction, rehabilitation, and maintenance of roads throughout the region.
Some of the roads listed for consideration are the Lagos-Ota-Abeokuta expressway, the Ofada-Owode road, the Lagos Garage-Ikangba-Ilese road, the Ota-Lafenwa-Itele-Ayobo road; Ita Oshin-Ibara Orile-Ijoga Orile-Ibooro-Imasayi road; OPIC Estate internal roads in Agbara and others.
Meanwhile, in his remarks, Olakunle Oluomo, the Speaker of the state House of Assembly, appealed to the governor to consider the implementation of financial autonomy for the state legislature and judiciary as required by the Constitution.
Oluoma highlighted that achieving financial autonomy would bolster democracy and foster a harmonious relationship with the other branches of government.
He, therefore, assured that the House would prioritize the budget, ensuring swift passage to facilitate the state’s progress.