Ogun State Governor, Senator Ibikunle Amosun, on Tuesday, presented a total budget of N221.129bn for the 2017 fiscal year to the State House of Assembly.
The budget, which he titled, “Budget of Repositioning,” represents an increase of 10.45 per cent compared with the 2016 budget.
According to a statement issued by the governor’s media aide, Adejuwon Soyinka, the governor explained that the recurrent expenditure will gulp N102.82bn or 46.50 percent of the budget while capital expenditure will gulp N118.306bn or 53.50 percent of the budget.
Amosun said: “Our Expenditure consists of Capital Expenditure of N118.306bn (53.50%) and Recurrent Expenditure of N102.823Billion (46.50%).
“Personnel Cost, made up of Salaries and Allowances stands at N62.73 Billion while Pension and Gratuities account for N11.2Billion which is about for 5.06% of Total Expenditure.
“The balance of N28.89 Billion which accounts for 13.07% is set aside for the Overhead Costs.”
He further revealed that the 2017 budget would be financed through Internally Generated Revenue (IGR) and revenue from the Federation Account.
Governor Amosun added that 51.71 percent or N114.34bn of the proposed N221.129bn budget is to be funded through IGR while N41bn or 18 percent is expected from the federations account.
Capital receipts is expected to contribute N65.78bn or 29.75 percent of the budget.