The Ogun State House of Assembly on Friday approved the 2020 budget proposal of N449.97bn retaining the budget size with an adjustment to the capital expenditure leading to an increment of N2.1bn for capital projects .Therefore, the realignment moved the capital estimate from N269,132,349,884.46 to N271,232,349,884.46.
Penpushing reports that Speaker, Rt Hon Olakunle Oluomo presided over the passage of the bill titled: HB. No. 032/OG/2019- Year 2020 Appropriation Law, at the plenary, following the presentation of the report of the House Committee on Finance and Appropriation led by Olakunle Sobukanla, who therafter moved the the motion for its adoption, seconded by Sylvester Abiodun and unanimously supported by all the lawmakers through a voice vote.
The report, which saw to the adjustment in the recurrent expenses of six agencies, capital estimates of nineteen 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.
Penpushing further reports that, 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 and the Ag. Clerk of the Assembly, Deji Adeyemo did the third reading of the bill.
The Speaker passing the bill into law, commended his colleague lawmakers and staff of the Assembly for their dedication and support which led to the timely passage of the bill, saying the prompt passage of the Appropriation Bill was a Christmas cum new year gift for the people of the State and therefore directed that the clean copy of the bill be transmitted to the Governor for his assent.
Penpushing also recalled that Governor Abiodun had on the December,3 2019 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.
Penpushing reports that, the Governor said the annual fiscal estimate was targeted at reflecting the present administration’s determination to deliver on its electoral promises to the people.