Tuesday, December 23, 2014 6:00 pm
Governor Rauf Aregbesola of the western Nigerian state of Osun, on Tuesday presented the 2015 state budget of N197.08 billion to the House of Assembly for confirmation.
The budget was tagged: “Budget of renewed hope’’and was presented on behalf of the governor by Mr Segun Olorunsogo, the Permanent Secretary, Office of Budget and Economic Planning.
Aregbesola said that the budget would ensure the completion of ongoing projects, and commencement of new ones that would bring about positive impact on socio- economic life of the citizens in Osun.
The governor said that the sum of N131.8 billion was estimated for recurrent component, while the capital expenditure was N65. 3 billion amounted to N197. 080 billion.
“The recurrent revenue is N131. 8 billion and the Capital receipt was N65, 340 billion, which brought about the total sum as indicated,’’ he said.
According to him, “the budget presented was in compliance with the acceptable international standard and best practice.’’
Break down of the budget showed that the economic sector received the lion share of N41. 6 billion, while the Social Service Sector received N21. 6 billon.
Regional Planning and Environment was allocated N15. 2 billion and General Administration was N31. 7 billion, the total allocation of the 2015 budget amounted to N110. 4 billion.
Personnel Cost was N27. 5 billion, Overhead Cost was N17, 9 billion and the Consolidated Revenue Fund Charges was N41. 2 billion, amounted to N86. 5 billion.
Receiving the budget, the Speaker, Mr Najeem Salaam, said he believed the budget would deliver dividends of democracy to the people of the state.
Salaam said that the people of the state should not be discouraged, urging them to be patience with government.
The speaker said that the financial challenges being faced by the state now was due to paucity of fund from the federation account.
The Permanent Secretary was accompanied by Mr Aina Ayanleye, the Permanent Secretary Ministry of Finance, Mr Tayo Kolawole, the State Accountant-General and top functionaries of the Ministry of Finance and Office of Budget and Economic Planning.