Amosun, while presenting the budget to the legislators on the floor of the House, said that the 2018 Appropriation Bill represented 57 per cent increase, compared to N221.09bn budget size of the year 2017.
The governor said that the budget christened, “Budget of Accelerated Development,” was hinged on his electioneering campaign promises on the construction of developmental projects and the completion of the ongoing ones.
He disclosed that when the budget is passed into law, it would place emphasis on infrastructural development that would enhance economic growth in the state.
Giving the breakdown of the budget size, Amosun said N223.721bn is given to Capital Expenditure, N121bn goes for Recurrent Expenditure, N81.869bn allocated for Total Personal Cost, N68.369bn for Salaries and Allowances, while N13.50bn for Pension and Gratuity and N39.829bn for Overhead Cost.
The governor noted that while the Education sector received N79.246bn of 22.9%, Health, N21.99bn of 6.13%, Agriculture, N21.137bn of 6.12%, Housing and Urban Renewal, N45.733bn, of 13.24%, while Rural and Infrastructural Development received N73bn of 21. 31 per cent and others, 30.25 percent.
He stressed that the budget would be financed by Internally Generated Revenue with N149. 258 billion (43.21%) and Federation Account N48 billion (13. 90 %) capital receipts N98.160 billion (28.42%)and other receipts N50 billion (14. 48%)
According to Amosun, the state was undergoing a new chapter of development with the 57 per cent budget size with a view to completely aligning with the diversification of the economy.
He said, “Ogun State is on the threshold of a new chapter in its development and we increased our budget size by 57 per cent as a reflection of our confidence in what lies ahead.
“Ogun State has an important role to play in the unfolding story of Nigeria’s economic diversification and we must not be found wanting. We have a collective responsibility to ensure the success of this budget for the benefit of the good people of the State and for our nation as a whole.”
The Speaker, Hon Suraj Adekunbi, said the legislature would look into the budget to ensure its quick passage, hinting that the Assembly this year had passed nine bills into law.
Adekunbi said that the Assembly was more concerned about the provision of adequate infrastructural facilities for the betterment of citizens’ lives in the state.
Those who graced the occasion included the Deputy Governor, Yetunde Onanunga; Chief Judge of the State, Justice Olatokunbo Olopade; members of the State Executive Council, Head of defunct Interim National Government, Chief Ernest Shonekan; the Chairman of the Ogun StateTraditional Council and Olu of Ilaro, Oba Kehinde Olugbenle, and Chief Akintola Williams, among others.
