Gov. Gboyega Oyetola of Osun State on Thursday presented a N119.5 billion budget to the state House of Assembly for the 2020 fiscal year.
Mr Oyetola, while presenting the budget tagged, ‘Budget of Restoration’, said the presentation of the budget was in accordance with Section 121(1) of the 1999 constitution, as amended.
The News Agency of Nigeria (NAN) reports that the budget is below the 2019 budget of 152.7bn.
The governor gave the recurrent expenditure as N57. 6 billion, representing 48.24 per cent, while the capital expenditure stood at N61. 8bn, representing 51.76 per cent.
Under the reccurent expenditure, he said N36. 5bn representing 30.50 per cent would be spent on personnel, N20.009 billion, representing 16.74 per cent accounted for overhead and N1. 2bn, representing 1 per cent would be for Consolidated Revenue Fund.
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On capital expenditure, N4. 3 billion, representing 6.97 per cent would go for health, N6. 5 billion, representing 10.53 per cent for education, N2. 3 billion, representing 3.82 per cent for agriculture and N4. 3 billion, representing 6.99 per cent for governance and administration sector, among others.
Mr Oyetola, however, said the expected revenue in 2019 budget fell below the state government expectation, stressing the need for government to redouble its effort in its Internally Generated Revenue (IGR) drive.
The governor urged the lawmakers on the need for a speedy passage of the budget.
Earlier in his remarks, the speaker of the assembly, Timothy Owoeye, promised quick passage of the budget by the parliament.
Mr Owoeye said the aim of the parliament was to put the state on the path of economic growth and stability.