Ogun State Governor Ibikunle Amosun yesterday presented to the House of Assembly an Appropriation Bill of N345.42 billion for next year’s fiscal year.
Reading the budget, christened: Budget of Accelerated Development at the floor of the Assembly before the 26-member legislators, Amosun said the proposed appropriation bill represented a 57 per cent increase over the outgoing year, which stood at N221.09 billion.
A breakdown of the budget shows that N81,869 billion goes to personnel cost, comprising N68.369 billion for salaries and allowances, while N13.50 billion will go into pension and gratuity of retired workers.
Also, the state earmarked N39.82 billion for overhead cost, representing 11.53 per cent of the total budget; recurrent expenditure takes N121.698 billion, representing 35.23 per cent, while N223.721 billion is allocated to capital expenditure.
The governor said the budget would be financed with funds from Internally Generated Revenue (IGR) of N149.258 billion; Federation Account of N48 billion; capital receipts of N98.16 billion and other receipts of N50 billion.
A further analysis shows that Education received N79.246 billion (22.9 per cent) of the total; Health got N21.199 billion and Agriculture N21.137 billion, representing 6.13 per cent of the total.
Amosun expressed the confidence that the Budget of Accelerated Development would help the state to actualise his administration’s cardinal programmes on qualitative and affordable education, healthcare, housing, agriculture, infrastructural development and employment generation.