By; BAYO AKAMO, Ibadan
Oyo State Governor, Senator Abiola Ajimobi at the weekend presented a budget proposal of N267,436,357,912.19 for the 2018 fiscal year.
Presenting the budget proposal christened “Budget of Stabilisation” before members of the Oyo state House of Assembly, Governor Ajimobi declared that the budget will be N60.4billion higher than that of last year (2017 ) which was
Breaking down the budget, Governor Ajimobi said in the 2018 fiscal year, the proposed revenue projected from the Federation acciunt will be N93.68billion , N7.53billion from transfers (LG, JAAC for LGSPD and LGSC), and N112.10billion from Internally Generated Revenue (IGR), an increase of four percent from the 2017 budget.
He stressed that the total recurrent revenue is to stand at N213.3billion, the capital receipt was put at N43.72billion while the proposed expenditure of N39.84billion is to be spent on personnel cost, N25.24billion on overhead cost and N53.28billion on the consolidated revenue..
The governor emphasized that in all, while the total recurrent expenditure stands at N118.37billion, the capital expenditure was put at N149.1billion and that
on the priority sectors of the 2018 budget proposal, the government will commit N85.39billion to the economic sector, N54.280billion to the Social Service sector, N.517billion to the law and justice sector and N5.94billion to the general administration sector.
“The aggregate percentage of 93.71% 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, 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 rationalized to be 15% of the total budgeted expenditure”, he said.
Speaker of the House of Assembly Honourable Michael Adeyemo while accepting the budget proposal said the lawmakers would give it speedy passage and that the House will continue to show her support and understanding and work harmoniously with the executive.
The budget presentation was graced by the Alaafin of Oyo, Oba Lamidi Adeyemi, the Aseyin of Iseyin Oba Salaudeen Adekunle, Oba Owolabi Olakuleyin, Oba Eddy Oyewole, Oba Lateef Adebimpe, party chieftains, captains of industry, members of the state executive council and members of the public.