newsOyo 2018 Budget: Ajimobi Presents N267,436bn Proposal

Oyo 2018 Budget: Ajimobi Presents N267,436bn Proposal


Governor Abiola Ajimobi, laying the 2018 Oyo state budget proposal before the State House of Assembly, in Ibadan.


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.


Please enter your comment!
Please enter your name here

Latest news

Protest: Ogwashi-Uku, Aniocha LGA Youth In Delta Dissociate Selves From Protest Staged By Ogidiase Quarters Over Farmlands

By; JACOB ONJEWU DICKSON The Secretary-General of the Ogwashi-Uku Youths, Comrade Augustine Nkwo, made the disclosure on Tuesday, dissociating the...

Kaduna Assembly Passes State Legislative Finances Control/ Management Law 2021, 5 Others Into Laws

By; JACOB ONJEWU DICKSON The Kaduna State House of Assembly has on Tuesday September 28, 2021, passed a Bill to...

Breaking! APC Supporters Storm KADSIECOM Office, Protest Kajuru LG Polls Result

*accuse KADSIECOM boss of being card carrying PDP member By; JACOB ONJEWU DICKSON There is an ongoing massive  protest at the...

Lagos Govt Partner’s Maize Farmers Over Production

By; RAYMOND TEDUNJAYE, Lagos The Lagos State Government has said that it is partnering with the Maize Farmers‘ Association of...
- Advertisement -spot_imgspot_img

Gunmen Kill One During Attack On APC Meeting In Anambra

By; PAMELA EBOH, Awka  Some members of the All Progressives Congress (APC) were on Sunday reportedly attacked by gunmen in...

Court Adjourns Case Between Nuhu Bamalli Polytechnic Vs Abdullahi Balarabe

By; SANI ALIYU, Zaria The Kaduna State High Court sitting at Dogarawa, Zaria has adjourned the case between Abdullahi Salisu...

Must read

Ekiti late Doctors: 4 buried amid tears, wailing

By; Oladele Adedayo, Ado-Ekiti. Tears, wailing rained freely Thursday as...

President Buhari’s Return: Supporters Take Over Kaduna Streets

By; Amos Tauna, Kaduna. The major street of Ahmadu Bello...

You might also likeRELATED
Recommended to you