Gov. Abiodun’s N703b budget is dominated by infrastructure.

The House of Assembly of Ogun State has received a budget of N703,028 billion for 2024 from Governor Prince Dapo Abiodun.

Called the “Budget of Sustained Growth and Development,” the 2024 Appropriations Bill would be financed in major part by the state’s N100.81 billion internal generated revenue (IGR) and the federal government’s statutory allocation, which is estimated to be N182.05 billion.

The governor presented the budget to the Assembly, which was chaired by Speaker Hon. Olakunle Oluomo. He stated that the 2024 Appropriations Bill is N230.78 billion more than the 2023 budget, which was N472.250 billion.

Abiodun said that N415.66 billion is projected for capital expenditure and N287.37 billion is designated for recurrent expenditure. Abiodun anticipated the 2023 performance to be 74.39 percent.

While N209,122.60 billion, or 30% of the budget, is going toward infrastructure, Abiodun promised his government will diversify the state’s economy by focusing on mineral development.
Abiodun provided a sector-by-sector breakdown of the proposed budget, stating that N109.219 billion, or sixteen percent, would go toward education, N81.185 billion, or twelve percent, would go toward health, and N28.886 billion, or four percent, would go toward housing and community development.

According to Abiodun, the state’s gross domestic product (GDP) is anticipated to be N7.3 trillion, with an inflation rate of 24.44 percent and a GDP rate of 3.30 percent.

“This administration has proposed five budgets, the most recent being 2024. It highlights the significant issues that our state is presently experiencing, the important changes that must be implemented to solve them, and the requirements to achieve faster, more equitable, more diverse, and sustainable growth.

The governor stated, “We anticipate that the 2024 Appropriations Bill will uphold our administration’s pursuit of shared prosperity through the ISEYA mantra.”