The Ogun State House of Assembly recently approved the 2024 Appropriation Bill, totaling N703 billion, following a thorough review of proposed expenditures across 18 government ministries, departments, and agencies.
Presented to the assembly by Governor Dapo Abiodun under the tag No 011/OG/2023, the bill outlined a total budget of N703,028,013,431.64, allocating N415.656 billion for capital expenditure and N287.37 billion for recurrent expenditure.
During the review process, the House Committee on Finance and Appropriation, chaired by Musefiu Lamidi, scrutinized the proposed spending of various government bodies. This scrutiny resulted in upward revisions to recurrent expenditures in the budget proposals of key state ministries, such as Industry, Trade, and Investments; Agriculture, Forestry, and Transportation; Community Development and Cooperatives; Rural Development; Culture and Tourism; Education, Science, and Technology; TRACE; and Waste Management Authority, among others.
Furthermore, the committee’s report prompted adjustments to the government’s revenue targets, leading to a reduction from N210.248 billion to N198.748 billion, as well as an increase in revenue from excess crude, from N3.845 billion to N13.845 billion. Consequently, capital receipts were revised upward from N128.372 billion to N136.872 billion.
Additionally, the report highlighted increments in proposed expenditures under the second schedule for the Office of Auditors General (state and local) and Sustainable Development Goals.
Subsequently, during the plenary session, the Majority Leader of the House, Yusuf Sheriff, moved for the third reading of the bill, which was seconded by the Minority Leader, Lukman Adeleye, and endorsed by the entire house through a voice vote.
Following the third reading, Speaker Olakunle Oluomo instructed the transmission of a clean copy of the appropriation bill to the governor for his assent.
The passage of the N703 billion budget for 2024 by the Ogun State House of Assembly underscores the comprehensive efforts to align government spending with the state’s developmental goals and priorities.
