November 30, (THEWILL) – Governor Dapo Abiodun of Ogun state on Tuesday presented the 2022 Appropriation Bill to the State House of Assembly.
Tagged “the budget of restoration,” the proposed budget will cost N350.74bn to execute.
Abiodun, while giving the breakdown of the budget, said the budget would improve on the 2021 budget.
The governor said N170bn is projected for physical capital projects, representing an increase of N10bn from the 2021 budget.
He said N170bn would also cater for capital expenditure, while personnel cost would take N75bn, with N51bn earmarked for overhead expenses.
Abiodun noted that N7.7bn would be set aside as a stabilization fund to insulate and position the state towards unprecedented activities or economic shocks, just as N28bn would go to debt servicing obligations to attract capital investment into the state economy.
He said N56.30bn is expected to be sourced through internally generated revenue, while the revenue targets of other Ministries, Departments and Agencies (MDAs) were put at N96.87bn, totaling N153.17bn.
The governor stated that N73.01bn is expected from the Federation Account, while the sum of N124.56bn would be sourced from capital receipts as infrastructure would gulp N82bn, with N86bn expected to be spent on social welfare and wellbeing.
He added that N56bn has been voted for education, N6bn for youth empowerment, N15bn for agriculture, while enablers, consisting of thr General Public Service, Public Order and Safety, Stabilization Fund, Judiciary, Legislature, Pension and Gratuity would have N106bn.
“In 2022, we will continue to accord priority attention to the completion of existing projects; projects with revenue potential; projects consistent with priorities articulated in the State Economic Development Strategy and projects that can enhance employment generation,” the governor said.
He further assured that the 2022 budget contains only implementable and critical projects, which, when completed, would significantly address current structural challenges in the state’s economy, improve the business environment and accelerate economic recovery.
Earlier, the Speaker of the House lauded the various infrastructural projects put in place by Abidoun across the three senatorial districts, assuring mutual interdependence between the legislature and other arms of government in achieving more development in all sectors of the state.
Oluomo maintained that a speedy and thorough legislative process would be conducted on the proposed budget with a view to sustaining the tradition of its passage on record time to comply with the January to December cycle in line with international financial standard.
He sought the release of the annual constituency project intervention fund to enable the lawmakers implement projects in their respective constituencies. Governor Abiodun presenting the budget
