Gov Ibikunle Amosun of Ogun on Tuesday presented a total budget of N221.129 billion for the 2017 fiscal year to the State House of Assembly.
The budget titled “Budget of Repositioning” has a 10.45 percent increase compared to the 2016 budget.
The governor while presenting the budget, explained that the recurrent expenditure wiil cost N102.82 billion or 46.50 per cent of the budget, while capital expenditure will take N118.306 billion or 53.50 per cent.
“Our Expenditure consists of Capital Expenditure of the N118.306bn (53.50%) and Recurrent Expenditure of N102.823 billion (46.50%),” he said.
“Personnel Cost, made up of Salaries and Allowances stands at N62.73 billion while Pension and Gratuities account for N11.2 billion which is about 5.06% of Total Expenditure. The balance of N28.89 billion which accounts for 13.07% is set aside for the Overhead Costs,” the governor added.
Mr. Amosun said the governor said 51.71 per cent or N114.34 billion of the proposed N221.129 billion budget is to be funded from IGR while N41bn or 18 per cent is expected from the federations account.
The governor decry the state’s poor revenue in 2016, he said that as at 31st October, 2016, the overall Budget performance was 56.2%.
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