Politics
2020 Budget: Lawmakers Adjust Budget In Ogun
The Ogun State Assembly has adjusted the capital expenditure with N2.1bn in the proposed 2020 Appropriation Bill sent to the house by the governor of the state, Dapo Abiodun.
The capital expenditure adjustment moved the capital estimate from N269,132,349,884.46 to N271,232,349,884.46.
The adjustment in the recurrent expenses of six agencies, capital estimates of nineteen others and the revenue targets of seven agencies; the recurrent expenditure was slashed from N154.896bn to N152.796bn, giving a reduction of N2.1bn in the recurrent expenditure, while the capital expenditure was moved from N269.132bn to N271.232bn giving an increment of N2.1bn.
The bill was thereafter read clause-by-clause before the lawmakers by the Speaker, after which the Majority Leader, Yusuf Sheriff, moved the motion for the third reading, seconded by the Minority Leader, Ganiyu Oyedeji and the Ag. Clerk of the Assembly, Deji Adeyemo did the third reading of the bill.
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Passing the bill into law, Oluomo, who commended his colleague lawmakers and staff of the Assembly for their dedication and support which led to the timely passage of the bill, saying the prompt passage of the Appropriation Bill was a Christmas cum new year gift for the people of the State and therefore directed that the clean copy of the bill be transmitted to the Governor for his assent.
It would be recalled that Governor Abiodun had on the 3rd of December, 2019 presented the budget proposal of N449.974 billion for the next fiscal year before the members of the State House of Assembly.
The budget christened “Budget to Build Our Future Together” has N269.132Bn representing (60.31%) for capital projects, with N180.842Bn (39.69%) set aside for recurrent expenditure, while salaries and allowances were put at N83.238Bn, just as pension and gratuities would take N25.94bn representing 18% of total expenditure with the balance of N71.659Bn resulting in 16% of the total budget earmarked for overhead cost.
According to the Governor, the annual fiscal estimate was targeted at reflecting the present administration’s determination to deliver on its electoral promises to the people.
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