Nigeria news : Ogun Assembly passes 2020 budget of N449.9b in 24 days

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Nigeria news : Ogun Assembly passes 2020 budget of N449.9b in 24 days

Nigeria News : Ogun Assembly passes 2020 budget of N449.9b in 24 days, Barely 24 days after the Ogun State Governor, Prince Dapo Abiodun, presented the 2020 budget proposal of N449.97bn, the State House of Assembly, has passed the Bill into law.

The Assembly, it was learnt, retained the budget size with an adjustment to the capital expenditure leading to an increment of N2.1bn for capital projects.

The realignment has now moved the capital estimate from N269,132,349,884.46 to N271,232,349,884.46.

The passage of the bill titled: HB. No. 032/OG/2019-Year 2020 Appropriation Law, at the plenary presided over by Speaker Olakunle Oluomo at the Assembly Complex, Oke-Mosan, Abeokuta, followed the presentation of the report of the House Committee on Finance and Appropriation, led by Hon. Olakunle Sobukanla, who thereafter moved the motion for its adoption; seconded by Sylvester Abiodun and unanimously supported by all the lawmakers through a voice vote.

According to the report, which saw to the adjustment in the recurrent expenses of six agencies, capital estimates of 19 others and the revenue targets of seven agencies; the recurrent expenditure was slashed from N154.896bn to N152.796bn, giving a reduction of N2.1bn in the recurrent expenditure, while the capital expenditure was moved from N269.132bn to N271.232bn giving an increment of N2.1bn.

The bill was thereafter read clause-by-clause before the lawmakers by the Speaker, after which the Majority Leader, Yusuf Sheriff, moved the motion for the third reading, seconded by the Minority Leader, Ganiyu Oyedeji, while the Acting Clerk of the Assembly, Deji Adeyemo, did the third reading of the bill.

Passing the bill into law, Oluomo, directed that the clean copy of the bill be transmitted to the Governor for his assent.

DAILY POST reported that Gov Abiodun on December 3 presented the budget proposal of N449.974 billion for the next fiscal year before the members of the State House of Assembly.

The budget christened “Budget to Build Our Future Together” has N269.132Bn representing (60.31%) for capital projects, with N180.842Bn (39.69%) set aside for recurrent expenditure, while salaries and allowances were put at N83.238Bn, just as pension and gratuities would take N25.94bn representing 18% of total expenditure with the balance of N71.659Bn resulting in 16% of the total budget earmarked for overhead cost.

According to the Governor, the annual fiscal estimate was targeted at reflecting the present administration’s determination to deliver on its electoral promises to the people.

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