Osun Government Provides Analysis of Budget 2024
● _Cites Focus on Infrastructural Development_
● _Takes Care Of Debt Services N27,678,342,820.00, Pensions, Gratuities_
● _Promises Good Governance In Tandem With Citizens’ Needs_
For the development of Osun state, and in bringing it to par with more economically vibrant states in the country, Governor Ademola Adeleke has asserted that the year 2024 budget has infrastructural development as one of its priority focus.
This was contained in the statement of the Commissioner for Economic Planning, Budget and Development, Professor Moruf Ademola Adeleke during his presentation at the press conference held in collaboration with the State Ministry of Finance to analyse the year 2024 budget.
The 2024 budget which has a grand total of Two hundred and Seventy three billion, Nine hundred and eight million, nine hundred and ninety seven thousand, four hundred and ten naira (N273,908,997,410.00), comprising of recurrent and capital expenditure, also indicated the approved estimate that took care of previous administration’s debt services at Twenty Seven billion, Six hundred and Seventy eight million, Three hundred and forty two thousand, eight hundred and twenty naira: N27,678,342,820.00, (10.10 percent), as well as pensions and gratuities.
The year budget projection under the leadership of Governor Adeleke which was developed in line with sixteen sectors of the state, has the budget for Infrastructural Development as Fifty Seven billion, Two hundred and eleven million, seven hundred and fifty eight thousand, eighty naira (N57,211,758,080.00), focusing on citizens needs approved by the government.
The presentation of 2024 Budget Analysis by the Commissioner for Economic Planning, Budget and Development, Professor Moruf Ademola Adeleke at the government secretariat on Wednesday shows that the recurrent of N164,060,976,700.00, and capital expenditure of N109,848,020,710.00 totalling Two hundred and Seventy three billion, Nine hundred and eight million, nine hundred and ninety seven thousand, four hundred and ten naira (273,908,997,410.00).
The revenue breakdown showed opening balance of 15,584,657,700.00, FAAC; 99,097,049,480.00, IGR ; 104,770,526,130.00, and capital receipt of 54,456,764,100.00, with total of 273,908,997,410.00.
*The budget also reflected that the estimate took care of the debt commitment of the previous administration in terms of debt services, as well as Pension and Gratuity.*
The statement showed that there is improvement in recurrent to capital ratio from 68:32 in 2023 to 60:40 in 2024.
The highlighted sectoral expenditure distribution captured in year 2024 budget include the following:
Governance and Administration -Sector 24,248,218,070.00;
Human Capital Development Sector -39,285,883,430.00;
Agriculture Sector- 3,796,823,480.00;
Planning and Budget Sector -1,470,402,100.00;
Commerce and Industry Sector -2,844,477,690.00;
Culture and Tourism Sector -2,988,167,750.00;
Education Sector -38,914,548,090.00;
Solid Minerals Resources Sector -2,566,541,560.00;
Environment Sector -2,241,111,860.00;
Health Sector -23,149,906,250.00;
Infrastructure Sector -57,211,758,080.00;
Social Development and Welfare Sector -8,833,218,200.00;
Security Law and Justice Sector -6,161,839,540.00;
Information and Communication Sector -1,648,987,610.00;
Water and Sanitation Sector -8,114,152,400.00;and
Finance & Revenue Mobilization Sector.
*Furthermore, the Commissioner for Economic Planning Budget and Development elucidated that the budget for the Office of the Governor comprises Mr Governor’s Office, Office of the Deputy Governor, Office of the Chief of Staff, Bureau of General Services, Bureau of Government House and Protocol, Bureau of Parastatals and Bureau of Social Services.*
The Commissioner for Finance pinpointed that the Internally Generated Revenue for year 2023 surpasses that of 2022.
The Ministry of Economic Planning, Budget and Development maintained that the captured budget was raised through sectors of the government to actualize the citizens’ needs according to the Development Agenda of Governor Adeleke, alongside the State Development Plan and the Sustainable Development Goals.
The Commissioner quoted the Governor as reiterating his resolve to develop Osun State by placing priority on the needs of the citizens through good governance, while maintaining that accountability and development is his watchword on state affairs, in the interest of the public and the populace.
Signed:
Prof Ademola Adeleke
Hon. Commissioner for Economic Planning, Budget and Development