The Ogun State governor, Dapo Abiodun, on Tuesday presented a budget estimate of N449.974 billion for the year 2020 to the State House of Assembly.
He christened the proposal “Budget to Build Our Future Together”.
Mr Abiodun presented the budget at a plenary presided over by the Speaker, Olakunle Oluomo, at the Assembly Complex, Oke-Mosan. He said the annual fiscal estimate reflects his administration’s determination to deliver on its electoral promises to the people.
Giving the breakdown of the budget, the governor said N269.132billion, representing 60.31 per cent, was proposed for capital projects, while N180.842 billion (39.69 per cent) was set aside for recurrent expenditure. He said allocation for salaries and allowances stood at N83.238billion.
He said pension and gratuities will take N25.94billion, representing 18 per cent of total expenditure with the balance of N71.659billion or 16 per cent of the total budget earmarked for overhead cost.
Mr Abiodun said the government would formulate policy for a holistic actualisation of the budget towards localising the Sustainable Development Goals (SDGs) through public-private partnership initiatives.
He said the government had put in place a mechanism for a workable public financial management system to eliminate leakages and ensure efficient and judicious use of resources.
The governor said the government also plans full automation of the state’s finance functions, strict adherence to the proposed fiscal responsibility law, credit rating for the state by internationally accepted rating agencies, strengthening of internal audit functions, and timely publication of audited accounts.
The Speaker, Mr Oluomo, earlier in his welcome address, said the foundations being laid in all sectors of the state’s economy by Mr Abiodun’s administration was a pointer to the massive growth and development that residents of the state would witness under the administration.
Mr Oluomo assured of a robust relationship of the legislature with the other arms of the state government.
Dignitaries at the event include the Deputy Governor, Noimot Salako- Oyedele; Secretary to the State Government, Tokunbo Talabi; Chief of Staff to the Governor, Shuaib Salisu; former Governor, Gbenga Daniel; former military administrators of the state, including Oludayo Popoola, Ekundayo Opaleye, Daniel Akintonde, and Rasheed Raji; and former deputy governors, Salimotu Badru and Gbenga Kaka.
Others were former speakers of the state House of Assembly and traditional rulers.