Business Nigeria

2018:Ibikunle Amosun presents N345.4b budget.

capital expenditure

Governor Ibikunle Amosun of Ogun state on Tuesday presented to the state House of Assembly a budget of N345.4 billion for 2018.

Christened, “Budget of Accelerated Development’’, Amosun said the figure represents an increase of 57 percent over the N221.12 billion budgeted for 2017.
He said that the proposal was made up of N223.72 billion capital expenditure, representing 64.77 percent and capital expenditure of N121.69 billion, representing 35.23 percent.
The governor explained that the 2018 proposal was based on his administration’s resolve to deliver its campaign promises by embarking on new projects and completing ongoing ones.
Amosun said that the state projected N197.258 billion as revenue from both the Federal Allocation and Internally Generated Revenue (IGR) sources during the year, representing 57.10 percent increase over the 2017 figure.
“Personnel cost made up of salaries and allowances stands at N81.869billion while pension and gratuities will be N13.50 billion which is 3.9 percent of total recurrent expenditure.
“The balance of N39.829billion which accounts for 11.53 percent is set aside for the overhead cost,’’ he said.
Amosun said the budget would be funded largely through IGR.
The governor said that the Education sector had the lion share of N79.246 billion, followed by Rural and Infrastructure Development/Employment Generation sector, N73.606 billion.
Amosun said that affordable housing and urban renewal would gulp N45.733 billion, health care delivery, N21.199 billion and agricultural production/industrialisation, N21.137 billion.
“We have strong support from our development partners to develop value chains for crops and livestock such as cassava, rice, fruits, vegetables, poultry, cotton, cocoa and oil palm.
“This will improve food security and support industrial activity and export in 2018 and beyond.
“We are on course to significantly increase rice production in the state and have enabled the cultivation of 1,700 hectares for this purpose in 2018.
Responding, the Speaker, Mr. Suraj Adekunbi, said the Assembly would pay all necessary attention to the budget and pass it as soon as possible.
Adekunbi said that the legislative arm of government had been collaborating with the executive in advancing the socio-economic development of the state.
He also that the assembly had within the last one year passed nine bills.
“To further support the activities of the current administration and to ensure a better life for the teeming populace, the House has passed eight motions into resolutions,” he said.
The occasion had in attendance former Head of Interim National Government, Chief Earnest Shonekan, Deputy Governor, Yetunde Onanuga, Sen. Iyabo Anisulolwo among other dignitaries.

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