In a significant move aimed at fostering sustainable growth and development, Governor Dapo Abiodun of Ogun State,on Thursday, presented the 2024 appropriation bill totaling N703.03 billion to the State House of Assembly.
The budget, titled “Budget of Sustain Growth and Development,” reflects the state government’s commitment to addressing current challenges and driving inclusive, diversified, and sustainable growth.
A notable highlight of the budget is the substantial allocation of N209,122.60 billion, representing 30 percent of the total budget size, to infrastructure development.
Governor Abiodun underscored the importance of robust infrastructure for creating an enabling environment for businesses and industries to thrive.
The allocation signals a strong focus on building and enhancing critical structures to support economic activities within the state.
The 2024 budget is set to be funded through various sources, with Internally Generated Revenue (IGR) expected to contribute N100.81 billion and a statutory allocation from the Federal government estimated at N182.05 billion, among other revenue streams.
Compared to the 2023 budget, the proposed budget represents a substantial increment of N230.78 billion, underlining the government’s commitment to driving increased development and economic activities in the state.
Abiodun provided a detailed breakdown of the proposed budget, allocating N415.66 billion to capital expenditure and N287.37 billion to recurrent expenditure.
Key sectors receiving allocations include Education with N108.22 billion (16 percent), Health with N81.19 billion (12 percent), Agriculture and Industry with N14.21 billion (2 percent), Housing and Community Development with N28.89 billion (4 percent), and Social Protection with N28.69 billion (4 percent).
These allocations reflect the state’s strategic focus on key areas that contribute to overall development.
The governor shared economic projections, stating that the state’s estimated Gross Domestic Product (GDP) is N7.3 trillion with a projected GDP rate of 3.30 percent. Despite facing challenges, including a 24.44 percent inflation rate, the government aims to diversify the state’s economy, particularly through mineral exploration.
Governor Abiodun outlined the key objectives for the 2024 fiscal year, emphasizing the administration’s commitment to shared prosperity through the ISEYA mantra.
The objectives include creating a conducive environment for businesses, fiscal prudence, expanding the revenue base through internally generated revenue, and ensuring the timely completion of ongoing developmental projects.
In his address to the lawmakers, Governor Abiodun expressed optimism that the proposed budget would lay the foundation for maintaining and enlarging the state’s economic base while strategically harnessing opportunities for future growth.
The budget underscores the government’s dedication to equitable resource distribution, collaboration, and quality service delivery.
The presentation of the 2024 budget marks the fifth such effort by Governor Abiodun’s administration, showcasing a continued commitment to addressing the evolving needs and aspirations of the people of the State.
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