Governor Ibikunle Amosun of Ogun State yesterday presented a budget proposal of N210.21 billion to the state House of Assembly for the 2014 fiscal year.
The proposal, which revealed a marginal reduction of N1.57 billion from that of this year which stood at N211.78 billion, was christened “Budget of Consolidation”. Presenting the Appropriation Bill before the lawmakers yesterday, Amosun said the budget was aimed at consolidating the progress already recorded in the state in the last two years.
The governor, who explained that the 2014 budget was as a result of dwindling revenue from the Federation Account, said the state encountered some challenges in the implementation of this year’s budget, which he said stood at 64 per cent as at September 30, 2013.
He said: “We are not insulated from the wider national economic challenges.
The funds from the Federation Account and Value Added Taxes have been significantly lower than expected.” Amosun stressed that the budget would significantly be serviced through an aggressive Internally Generated Revenue (IGR) which is estimated at N84.12 billion and the Federation Account allocation of N70.25 billion, with the capital receipts of N55.83 billion.
The 2014 budget, however, indicated that N92.70 billion would be spent on recurrent expenditure, while N117.51 billion is to be spent on capital expenditure.
The sectorial breakdown of the budget revealed that education would gulp the largest share of N43.99 billion, representing 20.93 percent of the total budget proposal.
Amosun told the lawmakers that the “slight increase” in capital allocation was to enable his administration complete all the on-going infrastructural renewal projects spread across the state as well as embarking on other programmes that would uplift residents’ standard of living.
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