Ogun State Governor Prince Dapo Abiodun has presented a budget of N703. 028 billion for 2024 to the state’s House of Assembly.
The 2024 Appropriation Bill, which is christened, “Budget of Sustained Growth and Development”, will be largely funded by the state’s internally-generated revenue (IGR) of N100.81 billion as well as the statutory allocation from federal government projected at N182. 05 billion among others.
Presenting the budget before the Assembly presided over by the Speaker, Hon. Olakunle Oluomo, the governor said the 2024 Appropriation Bill has an increment of N230.78 billion compared to that of the outgoing year 2023 of N472. 250 billion.
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Abiodun, who put the 2023 performance at 74. 39 percent, disclosed that N415. 66 billion is estimated as capital expenditure while N287.37 billion is earmarked as recurrent expenditure.
While infrastructure is gulping N209, 122. 60 billion, representing 30 percent of the budget size, Abiodun said his administration would diversify the state’s economy into mineral exploration.
Giving the sectoral breakdown of the budget proposal, Abiodun said a total sum of N109.219 Billion, representing 16 percent is allocated for education, with the sum of N81. 185 billion representing 12 percent will be for health, while N28.886 billion, representing four percent will be for housing and Community Development.
Abiodun said the state’s estimated gross domestic product (GDP) is estimated at N7.3 trillion with a projected GDP rate of 3.30 percent and 24.44 percent inflation rate.
“The 2024 budget is the fifth prepared by this administration. It reflects the serious challenges currently facing our state, the key reforms necessary to address them and imperatives to achieve higher, more inclusive, diversified, and sustainable growth.
“2024 Appropriation Bill is expected to sustain our administration’s quest for shared prosperity through the ISEYA mantra,” the governor said.
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