Amosun proposes N221.12bn budget for 2017

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NIGERIA: OGUN State Governor, Senator Ibikunle Amosun, on Tuesday presented N221.129 billion for the 2017 budget to the State House of Assembly for consideration and passage.

Amosun said that the budget entitled “Budget of Repositioning,” represented an increase of 10.45 percent compared to the 2016 budget.

The Governor, while presenting the budget to the 26 lawmakers, explained that government would spend N102.82 billion on recurrent expenditure or 46.50 percent of the budget and capital expenditure will gulp N118.306 billion or 53.50 percent.

He said: “Our expenditure consists of Capital Expenditure of N118.306 billion (53.50 percent) and Recurrent Expenditure of N102.823 billion (46.50 percent).”

“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 5.06 percent of Total Expenditure,” Amosun said, adding: “The balance of N28.89 billion which accounts for 13.07 percent is set aside for the Overhead Costs.”

According to him, the budget would be financed through Internally Generated Revenue (IGR) and revenue from the Federations Accounts.

Amosun explained that 51.71 percent or N114.34 billion of the proposed princely amount is to be funded from IGR while N41billion or 18 percent is expected from the Federations Account.

The governor also said that government looks forward to realising N65.78 billon or 29.75 percent as capital receipts to fund the budget.

He bemoaned the state’s poor revenue in year 2016 and explained that “as at 31st October, 2016, the overall Budget performance was 56.2 percent.”