ABIODUN PRESENTS N703B AS YEAR 2024 BUDGET

 ABIODUN PRESENTS N703B AS YEAR 2024 BUDGET

Ogun State Governor, Prince Dapo Abiodun, today presented N703.03bn Budget Proposal for the year 2024 to the State House of Assembly.

This is against the N472.250bn of Year 2023 titled,"Budget of Continued Development and Prosperity ".

Giving a breakdown of this year’s Budget tagged, "The Budget of Sustained Growth and Development", Abiodun noted that it is made up of N287.37bn as recurrent and N415.66billion as Capital expenditures.

He explained that the sum of N95.05billion would be used for Personnel Costs, N27.35bn for Consolidated Revenue while N59.09bn is earmarked for Public Debt Charge.

Speaking further, Prince Abiodun noted that the sum of N105.88bn will be used for Overhead Cost while Capital Expenditure will gulp N415.66B.

The expenditure policy of the government in 2024, the Governor maintained, is designed to achieve the strategic objectives of the Ogun State Economic Development Plan and Strategy 2021-2025, including fiscal sustainability; human development; food security; improved business environment; energy sufficiency; improving transport infrastructure; and promoting industrialization focusing on Small and Medium Scale Enterprises.

While highlighting the key capital projects for year 2024, the governor said, "the physical capital projects in the 2024 Budget include: Light up Ogun Project to include procurement and installation of Transformers Statewide whilst partnering with the private sector to experience uninterrupted power supply in 24 months.

"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 OPIC Estate Internal Roads, Agbara, 250km Statewide construction in all three (3) senatorial districts Road infrastructure to support the 2024 Ogun National Sports Festival.

He said his administration would focus on the construction of infrastructure at the various Economic Development Clusters, while efforts would be made to extend 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 in line with the execution of the State's multi-modal transport plan under the Lagos-Ogun Joint Development Commission initiative.   

The Governor who emphasized the need to further secure the State, said additional security would be deployed and communication systems procured for security personnel, stressing the need for the Installation of intelligent and on-street transport management and enforcement systems in all the three senatorial districts of the State.

According to Governor Abiodun, "Our administration will construct over 2,000 housing units in various locations across the State like Warewa, Sagamu, Iperu, Ibara, Ayetoro Road, OGTV Village, Ijebu-Ode, etc. Water reticulation projects to connect more households to potable water supply having completed the Urban Water Supply Project.

"Training the youth on Digital Solutions to enhance youth involvement in Agriculture. Refurbishment and renovation of technical colleges and vocational centers. Construction and Rehabilitation of Blocks of Classrooms, Technical Workshop/Science Laboratory at the Primary and Secondary Schools with the provision of furniture and equipment across the Four (4) Divisions in the State".

He said as at 30th of September 2023, the State had achieved 74.39% of the prorated revenue target for this year's Budget noting that the Budgeted credibility as determined by performance was the best the State ever had in its financial management history, assuring that his administration was poised to finish this year at well above 75percent performance.

Speaking earlier, the Speaker of the House of Assembly applauded the cordial relationship between the executive and the Legislative arms, saying this has culminated in the socio-economic development of the State.

He promised that the House would work towards giving the Bill accelerated passage for the government to continue its developmental stride.

 

Elijah Udofia,

Press Officer, Office of the Governor.