Governor Abiodun presents 2024 Appropriation Bill of N703.028 billion

……. infrastructure, education, health get lionshare

Ogun state governor, Dapo Abiodun has presented the 2024 appropriation bill of N703.028 billion before the state house of assembly.

Christened the “Budget of Sustained Growth and Development,” Governor Abiodun said the budget is to sustain the administration’s quest for shared prosperity through the ISEYA mantra.

In his address to the lawmakers, the Governor said N415.66 billion is estimated as capital expenditure while N287.37 billion is earmarked as recurrent expenditure.

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According to the governor, the objective of the 2024 budget is to maintain and enlarge the economic base of the state, while being strategic toward harnessing economic opportunities in the outer years

“Our objective is to create an enabling environment for businesses and industries to thrive through friendly policies and provision of infrastructure; collaboration, fiscal prudence, and quality service delivery; expanding the revenue base in the area of internally generated revenue, and to also ensure timely completion of on-going developmental projects through equitable and effective distribution and allocation of available resources.”

“Our principal objective in 2024 is to maintain and enlarge our economic base while being strategic toward harnessing economic opportunities in the outer years of our administration.”

“A total expenditure of N703.03 billion is proposed for the State Government in 2024. The proposed expenditure comprises N287.37 billion as recurrent and N415.66 billion as Capital.”

Giving a breakdown of the budget in the different sectors, Governor Abiodun explained that education is estimated at N109,219 billion representing 16%, health – N81,185 billion representing 12%, infrastructure – N209,122 billion representing 30%, Statewide N104,114 billion representing 15%.

Key physical capital projects in the 2024 budget include: Light up Ogun Project, hosting of the 2024 Ogun National Sports Festival; construction, rehabilitation, and maintenance of roads across the state including major ones such as: Lagos – Ota – Abeokuta Expressway; Ofada-Owode Road, Lagos Garage – Ikangba – Ilese Road, Ota-Lafenwa-Itele-Ayobo Road; Ita Oshin – Ibara Orile – Ijoga Orile – Ibooro – Imasayi Road

Also the extension of the Lagos Blue Line Metro Rail Project into Agbara, as well as the extension of the Lagos Red Line Metro Rail Project to Ijoko and Ifo/ Kajola, and water reticulation projects to connect more households among others.

Recall that the 2023 budget had an estimate of N472,25 billion expenditure.

Speaking on the 2023 budget performance, Governor Abiodun disclosed that the state was able to achieve 74.39% performance as of end of September.

“As of 30th September 2023, we had achieved 74.39% of the pro-rated revenue target. Budget credibility as determined by performance is better than we have ever had in the financial management history of Ogun State. We are poised to finish this year at well above 75% performance.”