Gov Abiodun presents N351 billion 2022 budget to Ogun Assembly

Ogun State Governor, Prince Dapo Abiodun, on Tuesday presented a proposal of N351bn as the 2022 Appropriation Bill before the members of the State House of Assembly.

The budget proposal comprises N162bn for recurrent expenditure and N177bn for various capital projects for the next fiscal year.

The governor christened it “Budget of Restoration” hinged on the ISEYA mantra of his administration.

He allocated a sum of N153.17bn as Internally Generated Revenues with N73.01bn expected from the federation account, while capital receipt was fixed at N124.56bn comprising internal and external loans including grants and aid.

According to Abiodun, the total overhead costs of Ministries, Departments, and Agencies was projected at N75bn for the next fiscal year, which represents an increase of N25bn from N50bn in 2021.  

He added that the State had made a provision for the sum of N28bn for debt servicing in 2022, representing a decrease of N.4bn from N28.4bn in 2021.

Giving the breakdown of the 2022 proposal, he stated that education sector was allocated ​​​​​​N56bn, while ​​​​N3.9bn was proposed for economic affairs.

The governor said N106bn was to cater for general public services, while health ​​​​​​would gulp ​N35bn, with housing and community amenities having ​​N28.6bn allocation.

He said, “the proposed N350 billion expenditure comprises the recurrent of N162bn and Capital of N177bn. We have been able to achieve a 52 percent capital expenditure as dictated by best practices to drive our developmental objectives.

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.

Southwest Echoes 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.