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The Ogun State Governor, Prince Dapo Abiodun, on Thursday, disclosed that a sum of N201.25 billion has been estimated as revenue to be generated in the next fiscal year.
Abiodun, while presenting N472.25 billion as proposed budget for the year 2023 tagged “Budget of Continued Development and Prosperity”, before the State House of Assembly, said the Ogun State Internal Revenue (OGIRS) is expected to generate a sum of N90 billion with other Ministries, Departments and Agencies are expected to generate N120.25 billion, totalling N210.25 billion.
He explained that the IGR of the state, among the comity of states was no longer in doubt, promising that his administration would continue to focus on its revenue base.
“Our internally generated revenue capacity in the comity of states is no longer in doubt. More importantly, this administration’s budget model is revenue-driven through the State Medium Term Revenue Strategy. In essence, we will continue to focus on improving our revenue base.
“In doing this, we will rely on the provisions of the section 23 (1 & 2) of the fiscal responsibility law, 2020 (as amended) with a view to increasing the state’s Internally Generated Revenue. This will not only help to enhance the comprehensiveness and transparency but increase the State’s revenue in due course,” he added.
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The governor noted that with the development, the state would achieve an IGR to Gross Domestic Product (GDP) ratio of 3.7 per cent.
Abiodun explained that about N92 billion is being expected as statutory allocation from the federal government, while capital receipts are estimated at N128.37 billion comprising of Internal and External loans as well as Grants and Aids.
Governor Abiodun said the proposed budget is expected to achieve social cohesion that would continue to focus on equitable socio-economic growth and development state-wide.
He said that N201.84 billion has been earmarked as recurrent and N270.41 billion as capital expenditures respectively.
While giving the breakdown, Abiodun, said that Personnel Costs will Gump N79.47b; with Social Contribution and Social Benefits estimated at N21.12b; Public Debt Charge at N39.90b; Overhead Cost of N61.35b and Capital Expenditure at N270.41b.
Infrastructure had the lion’s share of the budget with a sum of N129, 371,366,122.38 which represented 27 per cent; Statewide with an estimate of N70, 709, 727, 861.14 about 15 per cent; while Education is expected to gulp N66,793, 498,512.13 which represented 14 percent and Health with a total cost of N 51, 480,292,190.88 which represented 11 per cent of the proposed budget.
He urged the Assembly to give the budget accelerated passage for it to be signed into law before the end of the year.
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