Governor of Oyo State, Abiola Ajimobi on Thursday presented a 2018 budget proposal of N267,436,357,912.19 to the state House of Assembly.
The 2018 budget, which the governor christened, Budget of Stabilisation, was about N60.4bn higher than the 2017 budget for the state.
The governor stated that the proposed revenue was projected to be N93.68bn from the federation account, N7.53bn from transfers, and N112.10bn from Internally Generated Revenue. While the total recurrent revenue stood at N213.3bn, the capital receipt was put at N43.72bn.
According to Ajimobi, his administration, through the 2018 budget, will commit N85.39bn to the economic sector, N54.280bn to the social service sector, N.517bn to the law and justice sector and N5.94bn to the general administration sector.
He said N39.84bn would be spent on personnel cost, N25.24bn on overheads and N53.28bn on the consolidated revenue.
The governor added that while the total recurrent expenditure stood at N118.37bn, the capital expenditure was N149.1bn.
He said, “The aggregate percentage of 93.71 per cent of the capital expenditure allocated to the economic and social sub-sectors underscores the state government’s determination to continue to pursue a people-centered and empowerment-focused agenda. We consider this as the best antidote to the problem of poverty amongst our people. In line with fiscal sustainability principle, personnel expenditure has been rationalised to be 15 per cent of the total budgeted expenditure.”
Ajimobi said that security in the state would be enhanced with the installation of Closed-Circuit Television cameras at strategic locations to improve on security surveillance and management.
The Speaker of the house, Michael Adeyemo, told the governor that the house would hasten work on the budget proposal to ensure speedy passage.
He also said that the house would step up its oversight function to ensure that the state was transformed and well positioned.
Source: ( Punch Newspaper )