Governor Abiola Ajimobi of Oyo State, on Thursday, presented a budget proposal of N267.4billion to the state House of Assembly for 2018 fiscal year.
The appropriation bill tagged: Budget of Stabilisation, is N60.4billion higher than the N207billion 2017 budget proposal. For 2018, the total recurrent revenue was put at N213.3billion, and the capital receipt was pegged at N43.72billion.
“As a responsive government, we are aware of the need to sustain the developmental strides taken so far in propelling the state forward, and against this background, a total budget of N267,436,357,912.19 only is being proposed for 2018 fiscal year,” he said.
According to Ajimobi, the total recurrent expenditure stood at N118.37billion, while the capital expenditure was put at N149.1billion, adding that N39.84billion would be spent on personnel cost, N25.24billion on overhead cost and N53.28billion on the consolidated revenue.
The proposed revenue from the federation account was put at N93.68billion, and N7.53billion from transfers (LG, JAAC for LGSPD and LGSC), as well as N112.10billion from Internally Generated Revenue (IGR).
Giving relative aggregate sect0ral allocations, the governor his administration would 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.
His words: “The aggregate percentage of 93.71 per cent 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 rationalised to be 15 per cent of the total budgeted expenditure.”
During the presentation of the budget proposal, lawmaker representing Akinyele I state constituency announced his intention to defect from his Accord Party to the governing All Progressives Congress (APC), saying the key figures in Accord had defected to Peoples Democratic Party (PDP), which left the party in shambles.
The occasion was attended by Alaafin of Oyo, Oba Lamidi Olayiwola Adeyemi III; the Aseyin of Iseyin, Oba Salaudeen Adekunle, Ajinese I; Balogun of Ibadanland, Oba Owolabi Olakuleyin; Ashipa Olubadan, Oba Eddy Oyewole; Ashipa Balogun of Ibadanland, Oba Gbadamosi Adebimpe.
Speaker of the state House of Assembly, Michael Adeyemo, who promised that the lawmakers would step up its oversight functions to complement governor’s transformation and well positioned efforts, assured the governor of speedy passage of the budget proposal.