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By Ayobami Ife, Abeokuta
Ogun State Government on Monday disclosed that it de – emphasising the place of Federal Allocation as one of the sources of financing the 2024 over N703billion budget comprising N415 billion capital expenditure and N287 billion recurrent expenditure.
On the contrary, the state government said the budget will be financed largely from its Internally Generated Revenue (IGR), noting that it elected to put less weight on FAAC because whatever that is being expected from that direction in indeterminate and outside the control of Ogun Government.
Mr. Dapo Okubadejo, the Commissioner for Finance and Chief Economic Adviser to Governor Dapo Abiodun who made this known during the 2024 budget breakdown and Media Parley in Abeokuta, the started capital on Monday, said the government’s target is to be “economically and financially independent.”
He revealed that the state is also targeting N240bn IGR for the 2024 fiscal year, which is expected to come from Ministries, Departments and Agencies, land, statutory allocation among others.
Although, the Finance Commissioner did not disclose the debt profile of the state but noted that it is scaling downward by the year just as the IGR also keeps moving up.
He said 70 – 80 percent of the debt(being loan) was deployed to capital projects that would improve the economy of the state, explaining that this informed why Ogun State was adjudged the most improved economy in 2023.
Also speaking, the Commissioner for Works, Ade Akinsanya said emphasised will be placed on road works across the 20 local governments of the state, citing Olokuta – Rail station road, Laderin – Rail station road, Ota – Sango road, Sango – Ijoko, Agbado, Alagbole – Akute road as some of the roads that will be given attention in 2024.
For the Health Commissioner, Dr. Tomi Coker, she said no fewer than 250,000 residents have been enrolled in the Health Insurance Scheme out of the 7.1million population.
