Ogun Assembly Passes 2020 Budget Of N449.9b Into Law

By Bimbo Ogunnaike

Ogun State House of Assembly has passed 2020 budget proposal of N449.97bn into law barely 24 days after the state Governor,  Dapo Abiodun, presented it to them for approval

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.

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.

It would be recalled that Gov Abiodun on December 3 presented the budget proposal of N449.974  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.