The Ogun State House of Assembly has given its nod to the 2024 budget amounting to N703,028,013,431.64, as initially proposed by Governor Dapo Abiodun.
The budget was tabled before the assembly four weeks ago, with amendments made to the capital and recurrent expenditures, as well as the projected revenue of 18 Ministries, Departments, and Agencies (MDAs).
The bill, known as “A Bill for a Law to authorise the issue and appropriation of the sum of seven hundred and three billion, twenty-eight million, thirteen thousand, four hundred and thirty-one Naira, sixty-four Kobo only, from the Consolidated Revenue Fund for the Services of Ogun State Government of Nigeria for the financial year, ending thirty-first day of December two thousand and twenty-four,” was passed after the Chairman of the House Committee on Finance and Appropriation, Hon. Musefiu Lamidi, presented the report. The bill was then adopted by the Committee of Supply, chaired by the Speaker, Rt. Hon. Olakunle Oluomo.
The report highlighted an increase in recurrent expenditures for several MDAs, resulting in a decrease in the total revenue target from N210.248bn to N198.748bn, a reduction of N11.5bn.
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However, revenue from excess crude rose from N3.845bn to N13.845bn, an increase of N10bn, and capital receipt went up from N128.372bn to N136.872bn, an upward revision of N8.5bn. The proposed expenditures for the Office of Auditors General (State and Local) and Sustainable Development Goals also saw an increase.
The Speaker instructed that a final copy of the bill be forwarded to Governor Abiodun for his approval, allowing the state’s residents to start reaping the benefits of the budget on the first day of the next fiscal year.
The approved budget, initially presented by Governor Abiodun, comprises N415.656bn for capital expenditure and N287.37bn for recurrent expenditure. #Ogun State