OSUN, Nigeria – The governor of Osun State, Mr Adegboyega Oyetola on Thursday presented the total of 119,550,401,040.00 (One hundred and nineteen billion, five hundred and fifty million, four hundred and one thousand Naira and forty kobo) as appropriation for 2020 fiscal year.
The budget tagged “Budget of restoration ” proposes the total of 57,674, 993, 990 as recurrent expenditure while 61, 875, 407, 050.00 is being budgeted as capital expenditure, totalling 119, 550, 401, 040.00 for total expenditure, which puts the projected revenue and expenditure in the same proportion.
While the Finance and Revenue Mobilization Sector is to gulp highest allocations of 23, 976, 673, 840.00, representing 38.75 per cent of the aggregate budget, Social Development and Welfare Sector gets the lowest with the total sum of 129, 930, 370.00, representing 0.21 per cent of the total budget.
Oyetola explained that the 2020 budget, which is the 29th annual budget since the creation of the state on August 27, 1991, was a product of wide consultations among critical stakeholders in the state.
He added that the presentation of the budget estimate was in line with the dictates of section 121, sub-section 1 of the 1999 constitution, as he noted that the appropriation intrinsically reflects the development plan for Osun from 2019 to 2028.
The governor further reiterated the resolve of his administration to pursue Osun development agenda, calling for concerted efforts towards increasing the state’s internally generated revenue(IGR).
Speaking on the main features of the budget, Oyetola said “I want to place on record that inputs were sought from all stakeholders in the process of the formulation of the 2020 budget being presented today.
“For example, there was a budget consultative forum in all the three senatorial districts of the state between 30th October, and 1st November 2019.
The purpose of the forum was to harness and accommodate inputs of our people at the grassroots in the 2020 budget.
“It is, therefore, glaring that the draft budget is a product of wide consultations as well as serious and deep consideration.
” Mr Speaker, distinguished honourable members of the House of Assembly, at this juncture, I want to say without mincing words that by the grace of God, the 2020 budget will be objectively and judiciously implemented “.
The speaker, Rt. Hon. Timothy Owoeye in his remarks said members of the house have been looking forward to the budget presentation as a significant exercise in which the government’s plans on the socio-economic well-being of the people would be unfolded.
He stressed that the common goal of the parliament was to place the state’s economy on the path to “sustainable growth, poverty elimination and economic opportunities”.
Owoeye however, notified MDAS in the state to work with the house in order to achieve the maximum level of the budget implementation, adding that “the implementation of the budget is more important to us in the 7th Assembly “.