Ogun State Governor Dapo Abiodun and his Bauchi State counterpart, Senator Bala Mohammed yesterday presented budget proposals of N703.028 billion and N300.2 billion for the 2024 fiscal year to the states’ Houses of Assembly for passage.
Abiodun’s 2024 proposed budget surpasses the 2023 budget of N472.250 billion by N230.78 billion.
Abiodun presented the Ogun budget to the 26-member Assembly, led by Speaker Kunle Oluomo at the Assembly complex in Abeokuta, the State capital, while Mohammed presented Bauchi State’s Appropriation Bill to the Assembly, led by Speaker Babayu Mohammed Akuyam.
The Ogun State budget proposal comprises N287.37 billion as Recurrent and N415.66 billion as Capital expenditures.
Christened as ‘Budget of sustain growth and development’, Abiodun said the budget will be funded with Internally Generated Revenue (IGR), estimated at N100.81 billion and statutory allocation from the Federal Government estimated at N182.05 billion, among others.
The governor put the 2023 budget performance at 74.39 per cent, adding that his administration would diversify the state’s economy through mineral exploration.
Addressing the lawmakers, the governor said N415.66 billion was allocated as capital expenditure, while N287.37 billion was earmarked as recurrent expenditure.
Giving a breakdown of the budget, Abiodun said Education is allocated N108, 219 billion (16 per cent), Health takes N81,185 billion (12 per cent), Agriculture and Industry gets N14,213 billion (2 per cent), Housing and Community Development takes N28,886 billion (4 per cent) and Social Protection N28,692 billion (4 per cent).
Abiodun said the state’s Gross Domestic Product (GDP) is estimated at N7.3 trillion, with a projected GDP rate of 3.30 per cent and a 24.44 per cent inflation rate.
Meanwhile, the Bauchi State Appropriation has N121,341,193,343.11 (40.4 per cent) for Recurrent Expenditures and N178,878,512,477.49 (59.6 per cent) for Capital Expenditure.
