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Budget Of Restoration:Abiodun Present N350.74B 2022 Budget To Ogun Assembly

EaglesPath Online reports that Governor Dapo Abiodun has presented the 2022 appropriation bill of N350.74 billion to the Ogun State House of Assembly.

Abiodun, on Tuesday, presented the bill, tagged ‘Budget of Restoration’ to the lawmakers at the Assembly Complex, Oke-Mosan, Abeokuta.

Addressing the assembly members at a ceremony presided over by the Speaker, Olakunle Oluomo, Abiodun reiterated his determination to give priority attention to the completion of existing projects, projects with revenue potential and projects that can enhance employment generation.

According to the governor, the total state funding is estimated at N350.74 billion in 2022.

This, Abiodun said, “includes Ogun State Internal Revenue Service (OGIRS) estimates of N56.30 billion and other Ministries, Departments and Agencies (MDAs) estimated at N96.87 billion totaling N153.17 billion. Statutory allocation (i.e. FAAC and VAT) is expected to be N73.01 billion while the capital receipt is estimated at N124.56 billion (i.e. Internal and External loans including Grants and Aids etc).”

On planned expenditure, Abiodun explained that “the aggregate expenditure of N350.74 billion is proposed for the State Government in 2022.”

Under recurrent expenditure, a total of N75B is to be expended in paying salaries and allowances in MDAs; N28b on debt service obligations and N51b on total overhead costs of MDAs and government-owned enterprises.

For capital expenditure, Abiodun said N170 billion is budgeted, being an increase of N10 billion over the 2021 approval of N160 billion.

He added that a total sum of N7.7billion is provided for transfers to the Stabilization Fund to insulate and position the State towards unprecedented activities or economic shocks.

Of the entire budget, Education gulps N56,071.21b, representing 16 percent; while Health takes N35,073.51b, being 10 percent.

NAIJALOADED reports that Infrastructure takes the largest share of N77,775.77, which is 22 percent of the budget.

The Assembly is expected to legislate on the appropriation bill and return a clean copy to the governor for his assent.

The Speaker assured Abiodun of a speedy and thorough legislative process on the proposed budget with a view to sustaining the tradition of its passage on record time to comply with the January to December cycle in line with the international financial standards.

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