The Oyo State Governor, Abiola Ajimobi, on Thursday presented to the House of Assembly a budget of N267 billion for the 2018 fiscal year.
The amount represents a 28 per cent increase of the 2017 budget, which was about N207 billion.
While making the presentation, the governor seized the opportunity to receive a member of the House, Joshua Oyebamiji, representing Akinyele state constituency, to the All Progressives Congress, APC.
A former Senate Leader, Teslim Folarin, and former governor, Adebayo Alao-Akala, had earlier defected to the APC.
Mr. Ajimobi said that the budget submitted for consideration and approval of the legislature stood at N267,436,357,912.19, stressing that detailed facts behind the budget would be made known later by the State Ministry of Finance, Budget and Planning.
The governor explained that the proposed budget was expected to be funded from Internally Generated revenue of N112.10 billion, Federation Account N93.68 billion, Capital Receipts of N43.72 billion, Transfer (LG, JAAC for LGSPB & LGSC) of N7.53 billion and an unspent income of N10.40 billion from 2017.
According to him, the structure of the 2018 budgetary proposal reflects the priority the government accorded the various sectors in terms of their expected developmental effects.
He gave the sectoral breakdown of the budget as Economic Sector N85.390 billion (57.29per cent), Social Services Sector N54.280 billion (36.42 per cent ), Law & Justice Sector N0.517 billion (0.35per cent) and General Administration Sector N8.860 billion (5.94 per cent).
“The aggregate percentage of 93.71percent of the capital expenditure allocated to the economic and social sub-sectors underscores the State Government’s determination to continue to pursue a people-centred, empowerment-focused agenda. We consider this as the best antidote to the problem of poverty amongst our people,” Mr. Ajimobi said.
“It is to be recalled that apart from consistently utilising more than the stipulated minimum of all the recurrent intervention from the federal government to settle salary/pension and arrears, our administration had conceded 100 pervcent monthly allocation from the federation accounts to the payment of salaries and pensions of the state’s work force.”
He assured that his administration would further strengthen the monitoring, supervision and inspection of teaching staff as well as roll out policies that would culminate in a better performance of students at national and international examinations.
He further said that the state government had awarded contracts for construction and renovation of structures in schools towards the provision of conducive environment for teaching and learning.
The governor said that local government elections would hold in 2018, saying it would bring governance to the doorsteps of the people and enhance development at the grassroots.
“Therefore, the content and structure of this proposal have captured our vision towards achieving this and the continuation of our developmental strides in the 2018 fiscal year,” he added.