Ogun State Governor, Prince Dapo Abiodun, on Thursday, presented a total budget proposal of N472,250,694,447.58bn to the State House of Assembly, with N270.41billion earmarked as capital expenditure.

The governor stated that recurrent expenditure stood at N201.84 billion for the fiscal year.

The budget, christened: “Budget of Continued Development and Prosperity” consisted of N79.47bn for personnel costs, N21.12b for Social Contribution and Social Benefits, with N39.90bn earmarked for public debt charge and N61.35bn for overhead cost.

According to the governor, the State, in the next financial year, would accord priority attention to the completion of all ongoing projects and those with revenue potentials, including the projects that could enhance employment generation.

He noted that others to be prioritized are projects consistent with priorities articulated in the State Economic Development Plan and Strategy 2021-2025 and others that align with the seven thematic areas contained in the Medium-Term National Development Plan 2021-2025.

He further noted that the thematic areas were: economic growth and development, infrastructure, public administration (governance, security, and international relations), human capital development, social development, regional development, as well as plan implementation, communication, financing, Monitoring and Evaluation.

While pointing out that the total State’s funding was estimated at N472.25 billion, the governor added that a total of 210.25bn, comprising of N90.00billion was expected to be generated by the State Internal Revenue Service (OGIRS) in addition to N120.25b expected from other Ministries, Departments and Agencies (MDAs), which would enable the State achieve an IGR to GDP ratio of 3.7%.

He further affirmed that the State would sustain the existing Medium-Term Revenue Strategy (MTRS) to drive the Medium-Term Expenditure Framework (MTEF), saying N92bn was being expected as statutory allocation (FAAC and VAT) from the Federal Government, with capital receipts put at N128.37b comprising of internal and external loans as well as grants and aids.

Highlighting the sectorial allocations in line with the vision of his administration, the governor said that N66.79bn was being allocated for education sector, representing 14%, while N51.48bn would cater for the health sector representing 11%, with the housing and community development sector sharing N29.10bn amounting to 6%, just as N16.48bn was voted for agriculture and industry which represents 3 % of the total budget.

He added that infrastructure would gulp N129.371bn representing 27% of the total budget, with recreation, culture and religion to share N6.90bn, just as N23.38bn would be spent on social protection.

“Our main objective in 2023 is to maintain and enlarge our economic base while being strategic towards harnessing economic opportunities in the outer years of our administration, conscious of victory at the coming polls.

“The key physical capital projects in the 2023 budget include the implementation of schemes for power generation, to improve and guarantee electricity supply to our major cities, business clusters and estates.

“It includes the development of a dry port at Kajola, to leverage on the existing rail network in that axis and rehabilitation, reconstruction and maintenance of roads across the state.

“We also have completion of the Agro-Cargo Airport, renovation and upgrading of Primary Healthcare Centres and procurement of Medical Equipment to PHCs across the state, among others,” he said.