Ogun State Governor, Dapo Abiodun has presented the 2024 Appropriation Bill of N703.028 billion to the State House of Assembly.
The 2024 proposed budget surpasses the 2023 budget of N472.250 billion by N230.78 billion.
In the present budget, infrastructure gulped the largest sum, N209,122.60 billion, representing 30 per cent of the appropriation.
The appropriation bill was laid before the state House of Assembly presided over by the Speaker, Olakunle Oluomo, at the Assembly complex in Oke-Mosan, Abeokuta, capital of the state.
Christened as ‘Budget of sustain growth and development’, Abiodun said the budget will be funded with Internally Generated Revenue (IGR), estimated at N100.81 billion and statutory allocation from Federal Government estimated at N182.05 billion, among others.
The governor put the 2023 budget performance at 74.39 per cent, adding that his administration would diversify the state’s economy through mineral exploration.
Addressing the lawmakers, the governor said N415.66 billion was allocated as capital expenditure, while N287.37 billion was earmarked as recurrent expenditure.
Giving a breakdown of the budget, Abiodun said Education is allocated N108,219 billion (16 per cent), Health takes N81,185 billion (12 per cent), Agriculture and Industry gets N14,213 billion (2 per cent), Housing and Community Development takes N28,886 billion (4 per cent) and Social Protection N28,692 billion (4 per cent).
Abiodun said the state’s Gross Domestic Product (GDP) is estimated at N7.3 trillion, with projected GDP rate of 3.30 per cent and 24.44 per cent inflation rate.
Ogun: Gov Abiodun presents N703.028bn 2024 budget to Assembly