Amosun proposes N200.27bn for 2016 fiscal year

Ogun State government has changed its financial focus for the year 2016 ‎fiscal year from the usual dependence on federal allocations to internally generated revenue financed budget.

Unlike 2015 budget, which depended mainly on federal allocations, the proposed fiscal estimates for 2016 have made a very strong case for 53.9 percent internally-generated revenue, which is equal to N180 billion; 20.97 percent as federal allocations, representing N42 billion; 20.11 percent as external loans, representing N40 billion as well as 4.99 percent as grants, representing 4.99 percent.

Presenting the 2016 fiscal estimates for Ogun State before the Ogun State House of Assembly in Abeokuta on Tuesday, Governor Ibikunle Amosun proposed N200.274 billion for both capital and recurrent expenditure due for 2016 fiscal year.

In the 2016 budgetary proposal tagged, “Budget of Optimisation,” Governor Amosun proposed ‎N100.98 billion, representing 50.4 percent for recurrent expenditure and voted N99.29 billion, 49.6 percent for capital expenditure.

The N99.29 billion allocated to recurrent expenditure could be broken down to salaries and allowances N61.34 billion; pension and gratuities N11 billion, and N28.6 billion will be earmarked for overhead costs, he said, adding that the state would continue to pay N18,000 as minimum wage.

A sectoral breakdown of the budget showed that education got N41.1 billion (20.06%), health N14.3 billion (7.13%), agriculture N10.2 billion (5.08%), and housing N26.5 billion (13.27%).

Rural development and employment generation would jointly gulp N31.04 billion (15.5%), others, which include infrastructural development got N77.97 billion (38.93%).