Considering sharp declines in the monthly revenue accrued to Government’s coffers due to dwindling allocations from Federal Accounts Allocation Committee (FAAC) and Internally-Generated Revenue, Ogun State Government is working towards a slight downward review of N449.97 billion- size budget prepared for 2020 fiscal year.
Apart from planned downward review that the State Government is currently working on, Dapo Abiodun-led administration is also approaching the capital market for financial buffers of N250 billion under its 3- fiscal year medium-term expenditure framework to finance 60% – 70% budget benchmark for capital expenditure with a view to completing all the abandoned road projects left by the immediate past government of Ibikunle Amosun, especially in Abeokuta, Ogun state capital.
Speaking on planned fiscal interventions on Thursday in Abeokuta, Dapo Okubadejo, Commissioner for Finance identified debt restructuring, stoppage of non-essential travels, managing of recurrent expenditure, review of fiscal estimates, blocking of financial leakages and maximization of State revenue potentials as part of fiscal and financial mechanisms being deployed to stay afloat of the economic turmoil.
Okubadejo, who doubles as the Chief Economic Adviser to Governor Dapo Abiodun said, “We help streamline the different revenue lines and heads for each of the revenue generating agencies, assist the consultants responsible for revenue collections in these agencies and deploy required technologies that will aid efficient collection of revenue while blocking financial leakages.
“We also drive monitoring, enforcement and compliance, we help the MDAs (Ministries, Departments and Agencies) to maximize their revenue potentials by identifying other areas where they can generate revenue.
“We have implemented Public Financial Management Reforms and Treasury Management Solution (TMS), to help ensure accountability and transparency in our finances, by giving us a single view of all our Bank Accounts and positions. Electronic Pay-out has also been implemented, as well as a medium term expenditure framework that helps conduct planning in medium term horizon, rather than doing planning on yearly basis.”
Meanwhile, Ade Akinsanya, Commissioner for Works and Infrastructure, said that the contractors handling various road projects left uncompleted in Abeokuta, the State Capital by previous administration, had been mobilized back to the construction sites, saying State Government had release funds sufficient to execute all abandoned projects across the State in record time.
BusinessDay reports that the planned road and flyover projects to completed include two flyovers at Kuto and Elega-Mokola, and several road projects such as Ajitadidun-Elega-Adatan road, Panseke-Adigbe road, Lafenwa-Ayetoro Garage-Rounda road as well as several other roads in Ijebu-Ode, Sagamu, Ijebu-Igbo, Ifo, Sango-Ota, Atan- Lusada, Igbesa-Agbara, among others.
“Let me categorically point out that the Prince Dapo Abiodun’s administration has released fund to ensure speedy conclusion of all abandoned projects by the previous administration. It is embarrassing that many of these projects were awarded since 2012 and 2013 respectively”, he said.
Sewell Zhao, Project Manager of the China Civil Engineering Construction Company (CCECC), described as timely intervention, the release of funds by State Government at this critical period, saying: “this will aid the quick completion of the projects in record time and thereby removes the stress of motorists, commuters and other road users.”
