Osun State Governor Adegboyega Oyetola on Thursday presented 119,550,401,040.00 (One hundred and nineteen billion, five hundred and fifty million, four hundred and one thousand naira and forty kobo) budget for 2020 fiscal year before the House of Assembly.
In the 2020 Appropriation Bill named “Budget of Restoration,” N57,674, 993, 990 was allocated as recurrent expenditure, while N61, 875, 407, 050.00 is being budgeted for capital expenditure, totalling N119, 550, 401, 040.00 for total expenditure.
The Finance and Revenue Mobilisation Sector took the highest allocation of N23, 976, 673, 840.00, representing 38.75 per cent of the aggregate budget, while the Social Development and Welfare Sector received the lowest with N129, 930, 370.00, which represents 0.21 per cent of the total budget.
In his presentation, Governor Oyetola explained that the 2020 Appropriation, which according to him was the 28th annual budget since the creation of the state in August 27, 1991, was a product of wide consultations among critical stakeholders.
He said the presentation of the budget estimate was in line with the dictate of Section 121, Sub-section 1 of the 1999 Constitution, noting that the appropriation intrinsically reflects the development plan for Osun from 2019 to 2028.
The governor, who reiterated his administration’s resolve to pursue Osun development agenda, called for concerted efforts towards increasing the state’s Internally Generated revenue (IGR).
He said: “I want to place on record that inputs were sought from all stakeholders in the process of the formulation of the 2020 budget being presented today. For example, there was budget consultative forum in all the three senatorial districts of the state between October 30 and November 1. The purpose of the forum was to harvest and accommodate inputs of our people at the grassroots in the 2020 budget.
“It is, therefore, glaring that the draft budget is a product of wide consultations as well as serious and deep consideration. Mr. Speaker, distinguished honourable members of the House of Assembly, at this juncture, I want to say without mincing words that by the grace of God, the 2020 budget will be objectively and judiciously implemented.”
Speaker Timothy Owoeye said members of the 26-member Assembly have been looking forward to the budget presentation “as a significant exercise in which government’s plans on socio-economic well-being of our people will be unfolded.”
He said the common goal of the parliament was to place the economy on the path of sustainable growth, poverty elimination and economic opportunities.
The Speaker enjoined the Ministries, Departments and Agencies (MDAS) to work with the House in order to achieve maximum level of the budget implementation.