Governor Dapo Abiodun of Ogun on Thursday presented a budget of N703.028 billion for 2024 to the State House of Assembly for approval.
He christened the total estimate for the state in 2024 as “Budget of Sustained Growth and Development.
Abiodun said that the figure was made up of N415.66 billion capital expenditure and N287.37 billion recurrent expenditure.
He said that the budget also had N95.05 billion as personnel cost, N105.88 billion overhead expenses and N59.09 billion 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 totaling N240.54 billion,” he said.
Abiodun added that capital receipt, which included internal and external loans, as well as grants and aids, were projected at N240.24 billion.
He said that infrastructure would gulp N209.122 billion, representing 30 percent of the budget.
The governor stated that education would gulp N109.219billion, representing 16 per cent; health sector got N81.185 billion, representing 12 percent while N28.886 billion, representing four per cent, was earmarked for housing and community development.
He added that agriculture and industry, would gulp N14.213 billion, representing two per cent, while N22.872 billion, representing three per cent, was earmarked for recreation and culture.
Abiodun said that in 2024, the state government would continue to accord priority attention to completion of all ongoing projects, projects with revenue potentials and projects that could enhance employment generation.
“Education remains the bedrock of any nation. As such, we are committed to revitalising the Education Sector.
“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 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.
In his remarks, Olakunle Oluomo, the Speaker, appealed to the governor to consider the need for the implementation of the financial autonomy for the state legislature and judiciary as required by the constitution.
He said that financial autonomy would enhance democracy, harmonious relationships with the other arms of government.
He assured that the legislature would not take the current administration for granted, acknowledging the moral and financial support of the governor since assumption of office.
The speaker assured that the House would give adequate attention to the budget and give it accelerated passage in order to actualise the progress of the state.
The News Agency of Nigeria reports that Abiodun presented a N472.25 billion budget for 2023.