Abiodun presents N472.26b budget to Assembly

Ogun State Governor, Dapo Abiodun, yesterday, presented a budget proposal of N472.26 billion before the state’s House of Assembly for the 2023 fiscal year, consisting of N270.41 billion for capital projects, while N201.84 billion will go for recurrent expenditure.

The budget, christened, “Budget of Continued Development and Prosperity,” consisted of N79.47 billion for personnel costs, N21.12 billion for social contribution and social benefits, with N39.90 billion earmarked for public debt charge and N61.35 billion for overhead cost.

Abiodun said that the state in the next financial year would accord priority attention to the completion of all ongoing projects, especially those with revenue potentials that can enhance employment generation, projects that are consistent with priorities articulated in the State Economic Development Plan and Strategy 2021-2025, as well as projects that align with the seven thematic areas contained in the Medium-Term National Development Plan 2021-2025.

He disclosed that the 2023 budget conception came with obvious economic challenges, hence the preparation was done conscious of a very challenging world economy that is weakened by the lingering effects of the COVID-19 pandemic, high inflation, high crude oil prices resulting in huge cost of PMS subsidy, continued crude oil theft and negative spill-over effects of the Russia-Ukraine war on food and dwindling federal revenues.

The governor attributed the largest share in the budget to works and infrastructure. He said the state would generate estimated revenue of N90 billion internally through the OGIRS and N120.25 billion from Ministries, Departments and Agencies (MDAs), totalling N210.25 billion.

He, however, urged the leadership of the Assembly to ensure that the 2023 budget proposal is thoroughly but expeditiously vetted and returned in earnest for his assent before January 1, 2023, emphasising that the budget contents emanated from the wishes of the Ogun people expressed at different budget town hall meetings.