Abiodun Presents N350.74Billion 'Budget of Restoration' To Ogun Assembly - THE ENCOUNTER NEWS

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Tuesday, November 30, 2021

Abiodun Presents N350.74Billion 'Budget of Restoration' To Ogun Assembly

Abiodun presenting the budget

ABEOKUTA - The Ogun state governor, Prince Dapo Abiodun on Tuesday, presented the budget for year 2022 to the state House of Assembly.


Abiodun presented a total sum of ₦350.7billion to the Assembly, tagged the 2022 'Budget Of Restoration'.


During the formal presentation of the budget, Governor Abiodun said it is to consolidate the efforts of his administration for the past two years, adding the budget is significant being the last budget before 2023 election.


"Mr. Speaker and Honourable Members of the Ogun State House of Assembly, in the outgoing year, our Administration remained committed to recovering from the shock of the pandemic, and be on our feet again. The good news is that we are indeed getting back on our feet and the economy is steadily recovering to its flourishing glory. And now that we are on our feet again, it is the right time for us to work together with the same resilience of the human spirit. Therefore, the main task in Year 2022 is to increase our pace of the implementation of our development plan as already designed and encapsulated in our Administration’s “Building Our Future Together” Agenda.


"Year 2021 Budget was titled “Budget of Recovery and Sustainability”. Today, I stand before this honourable House to present the Appropriation Bill for Year 2022 of our dear State, which is meant to sustain and improve on the gains so far made and return us to the momentum of “Building Our Future Together” Agenda.  Therefore, we have christened this, “Budget of Restoration”. 


"Mr. Speaker, and the Honourable Members of the Ogun State House of Assembly, I express once again my appreciation for the tremendous support from the Members which we have enjoyed since the commencement of our Administration, especially towards the passage and final approval of both the 2020 and 2021 Appropriation Bills, as well as the revised 2022 - 2024 Medium Term Expenditure (MTEF) Framework and Fiscal Strategy Paper.


"Whilst I present a summary of the Budget Proposals of the coming year, the Honourable Commissioner of Finance; and, the Honourable Commissioner of Budget and Planning, will in due course provide the full details of the Budget Proposals for the next fiscal year."


The governor said the N350.74billion budget includes Ogun State Internal Revenue Service (OGIRS) estimates of N56.30 billion and other Ministries, Departments and Agencies (MDAs) estimated at N96.87 billion totaling N153.17 billion. 


He added that, statutory allocation (i.e. FAAC and VAT) is expected to be N73.01 billion while capital receipt is estimated at N124.56 billion (i.e. Internal and External loans including Grants and Aids etc).


He stressed further that, the 2022 the personnel cost estimate took the largest portion of N75billion under recurrent and is allocated to paying salaries and allowances in MDA's.


He said his administration approved N28billion for its public debt service to meet the debt service obligations in order to attract capital investment into the state economy.


According to the governor, the total overhead costs of MDAs and Government Owned Enterprises is projected at N 51 billion in 2022, while the capital expenditure gulps an aggregate sum of N170 billion which an increase of N10 billion over the 2021 approval of N160 billion to chart the economic recovery growth through investment in physical projects that will create enabling environment for investment, create employment and trigger redistribution of resources. 


He said the budget is expected to be funded by the public-private partnership initiative as the state is working tirelessly to attract new investors 


On his part, the Speaker, Ogun State House of Assembly, Hon. Olakunle Oluomo said the house will take critical look into the appropriation bill and give it speeding passage in the interest of the people.


Oluomo also praised the House of Assembly “for its pro-people orientation and for constantly supporting the Governor to meet the yearnings of the people of the State.”


He said “the support the governor enjoys from the Assembly had reflected in the successes so far achieved by the government”.

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