By Modupe Gbadeyanka
Ogun State Governor, Mr Ibikunle Amosun, presented a budget of N345.4 billion for 2018 to the Ogun State House of Assembly.
The Governor, while addressing the state lawmakers, explained that the budget proposal represents 57 percent increase when compared with the 2017 budget, which worth N221.12 billion.
Mr Amosun said the proposal, tagged ‘Budget of Accelerated Development,’ is aimed at repositioning the state as an economic hub of the nation.
According to him, the 2018 budget comprises N223.72 billion capital expenditure, representing 64.77 percent and capital expenditure of N121.69 billion, representing 35.23 percent.
The Governor said his administration plans to fund the budget largely through Internally Generated Revenue (IGR), with N197.258 billion projected as revenue from both the Federal Allocation and IGR, representing 57.10 percent increase over the 2017 figure.
He said the education sector controls the lion share of N79.246 billion, followed by rural and infrastructure development/employment generation sector with N73.606 billion, affordable housing and urban renewal taking N45.733 billion, health care delivery N21.199 billion, and agricultural production/industrialisation, N21.137 billion.
Mr Amosun further said in the 2018 budget, personnel cost made up of salaries and allowances stands at N81.869 billion, while pension and gratuities will be N13.50 billion which is 3.9 percent of total recurrent expenditure.
He added that the balance of N39.829 billion, which accounts for 11.53 percent, is set aside for the overhead cost.
The Governor told the lawmakers that his administration plans to develop value chains for crops and livestock such as cassava, rice, fruits, vegetables, poultry, cotton, cocoa and oil palm in the state, which will improve food security and support industrial activity and export.
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