Gov. Abiodun presents 2024 budget of ‘Sustained Growth and Development’ to State Assembly
The Ogun State House of Assembly received the State Governor, Prince Dapo Abiodun yesterday, for a presentation of the N703.03billion Budget Proposal for the year 2024 to the state House of Assembly.
Named “The Budget of Sustained Growth and Development,” Governor Abiodun noted that the budget is made up of N287.37 billion Recurrent and N415.66 billion Capital expenditures.
This is against the N472.250 billion budgeted for the 2023 fiscal year.
He explained that N95.05 billion will be used for Personnel Costs, N27.35 billion as Consolidated Revenue while N59.09 billion will go for Public Debt Charges.
Speaking further, Prince Abiodun noted that N105.88 billion is for Overhead Cost while Capital Expenditure will gulp N415.66 billion.
On sectoral allocation, he said the sum of N109.219 billion, representing 16% will go for education, N81.185 billion representing 12 percent will be for health, while N28.886 billion, representing four percent will be for housing and Community Development. Also, the governor disclosed that a sum of N14.218 billion, representing two per cent, will go for agriculture and industry, while N209.122 billion, representing 30 percent, is allocated to infrastructure.
Others are N22.872 billion, representing three percent for recreation and culture, N28.692, representing four percent for social protection, while general public service, executive organ will gulp N31.125 billion, representing four percent.
The state government is to spend N34.954 billion for General Public Service Financial and Fiscal Affairs, representing five percent, N1.939 billion, representing 0.3 percent for General Public Service- General Personnel Service, and N12.187 billion, representing two percent for Public Order and Safety.
The Governor also said that Economic Affairs will take N3.083 billion, representing 0.4 percent, Judiciary N7.029 billion, representing one percent, Legislature, N14.412 billion, representing two percent, while N104.114 billion, representing 15 percent, is for the Statewide.
The expenditure policy of the government in 2024, the Governor maintained, is designed to achieve the strategic objectives of the Ogun State Economic Development Plan and Strategy 2021 – 2025, including fiscal sustainability; human capital development; food security; improved business environment; energy sufficiency; improving transport infrastructure; and promoting industrialization, focusing on Small and Medium Scale Enterprises.
While highlighting the key capital projects for year 2024, the Governor said, “The physical capital projects in the 2024 budget include; Light up Ogun Project to include procurement and installation of transformers statewide whilst partnering with the private sector to experience uninterrupted power supply in 24 months. The Hosting of the 2024 Ogun National Sports Festival.
“Construction, rehabilitation, and maintenance of roads across the state, including major ones such as Lagos-Ota-Abeokuta Expressway; Ofada-Owode Road, Lagos Garage – Ikangba – Ilese Road, Ota-Lafenwa-Itele-Ayobo Road; Ita Oshin, Ibara-Orile-Ijoga Orile-Ibooro-Imasayi Road, OPIC Estate Internal Roads, Agbara, 250km Statewide construction in all three (3) senatorial districts road infrastructure to support the 2024 Ogun National Sports Festival.”
He said his administration would focus on the construction of infrastructure at the various Economic Development Clusters, while efforts would be made to extend the Lagos Blue Line Metro Rail Project into Agbara, as well as the extension of the Lagos Red Line Metro Rail Project to Ijoko and Ifo/Kajola in line with the execution of the State’s multi-modal transport plan under the Lagos-Ogun Joint Development Commission initiative.
The Governor who emphasised the need to further secure the state, said additional security networks would be deployed and communication systems procured for security personnel, stressing the need for the installation of intelligence and on-street transport management and enforcement systems in all the three senatorial districts of the state.
Governor Abiodun added, “Our administration will construct over 2,000 housing units in various locations across the State like Warewa, Sagamu, Iperu, Ibara, Ayetoro Road (Abeokuta), OGTV Village, Ijebu-Ode, etc. Water reticulation projects to connect more households to potable water supply having completed the Urban Water Supply Project.
“Training the youth on Digital Solutions to enhance youth involvement in Agriculture. Refurbishment and renovation of technical colleges and vocational centers.Construction and Rehabilitation of Blocks of Classrooms, Technical Workshop/Science Laboratory at the Primary and Secondary Schools with the provision of furniture and equipment across the Four (4) Divisions in the State.”
He said as at 30th of September 2023, the state had achieved 74.39 percent of the prorated revenue target for this year’s budget, noting that that budget credibility as determined by performance was the best the State ever had in its financial management history, even as he assured that his administration was poised to finish this year at well above 75 percent performance.
Speaking earlier, the Speaker of the House of Assembly, Rt. Hon. Olakunle Oluomo applauded the cordial relationship between the executive and the legislative arms, saying this has culminated in the socio-economic development of the state.
He promised that the House of Assembly would work towards giving the Bill accelerated passage for the government to continue its developmental stride.
