Ogun to consolidate on growth of industrial sector
Proposes N221.1b for 2017 fiscal year
Ogun State Governor Ibikunle Amosun, has stated that his administration will consolidate its industrialisation strategy in the 2017 fiscal year by attracting more manufacturing firms to the State.
According to the Governor, the state hopes to take over 70 per cent of investment in the country by creating an enabling environment for businesses to thrive, having grown the number of industrial firms in the state to 116.
Speaking on the sidelines of the budget presentation for the 2017 fiscal year to the State House of Assembly, Amosun said the budget, titled, “Budget of Repositioning”, represents an increase of 10.45 per cent at N221.129 billion compared to the 2016 budget.
Amosun explained that the recurrent expenditure will cost N102.82 billion or 46.50 per cent of the budget, while capital expenditure will take N118.306 billion or 53.50 per cent.
“Our Expenditure consists of Capital Expenditure of N118.306 billion (53.50 per cent) and Recurrent Expenditure of N102.823Billion (46.50 per cent),” he said.
“Personnel Cost, made up of Salaries and Allowances stands at N62.73 Billion while Pension and Gratuities account for N11.2 billion which is about for 5.06 per cent of Total Expenditure. The balance of N28.89 Billion which accounts for 13.07 per cent is set aside for the Overhead Costs,” the governor added.
Amosun said 51.71 per cent or N114.34 billion of the proposed N221.129 billion Budget is to be funded from IGR while N41 billion or 18 percent is expected from the federation account.
He said capital receipts are expected to contribute N65.78 billion or 29.75 percent of the budget.
Amosun, while lamenting the poor revenue of the state in 2016, said that “as at 31st October, 2016, the overall Budget performance was 56.2 per cent”.
On plans to grow the state’s industrial landscape, the state’s Commissioner for Finance, Wale Oshinow said: “Ogun State was adjudged one of the five States that made the best stride towards the national frontier of good practices as presented in the World Bank ranking.
Ogun State continues to provide enabling environment ,security, power and road network which made Ogun State to take over 70 per cent of investment in Nigeria as confirmed by Manufacturer Association of Nigeria.”