Ogun state governor, Prince Dapo Abiodun Tuesday presented the 2020 budget proposal of N449.974 billion to the State House of Assembly.
The governor presented the proposed budget tagged, Budget to Build Our Future Together, at the state House of Assembly complex in Oke-Mosan, Abeokuta, the state capital.
The proposed budget has an increase of N49.674 billion as against the 400.3billion proposed for 2019.
Governor Abiodun, while giving the breakdown of the budget said capital expenditure will gulp N269,132 billion, representing 60 per cent while recurrent expenditure was allocated N180, 842 billion, representing 39.69 per cent of the estimates.
He added that, N83.238billion (18%) would be spent on salaries and allowances while pension and gratuities would gulp N25.945 billion (6%).
The governor noted that, N71.659 billion which accounts for 16 per cent was set aside for the overhead cost.
He maintained that his administration’s five cardinal programmes would immensely benefit from the budget.
Social welfare and wellbeing got the highest share of N128.067billion, representing 28per cent of the total budget while infrastructure got N107.964 billion, representing 24per cent.
According to the governor, education got N91.609 billion, representing 20 per cent, agriculture was allocated N21.634 or 5per cent while others got N92.804 billion representing 21per cent.
Governor Abiodun said 67 per cent of the budget would be funded by internally generated revenue (IGR) of N264.964 billion and statutory allocation of N43.431 billion.
Speaker of the Assembly, Olakunle Oluomo, while responding to the governor’s presentation, assured that the House would give necessary attention to the appropriation bill and ensure its passage within shortest possible time.
Oluomo revealed that the 9th Assembly had so far passed eight bills and 10 resolutions, disclosing that the House had ensured proper monitoring of finances allocated to the 2019 budget.
