The Oyo State Governor Abiola Ajimobi has presented a budget of two hundred and eighty-five billion Naira (N285bn) for the 2019 fiscal year.
The budget, borne out of the need to sustain the tempo of development in the state had the economic sector gulping the highest vote with 61.5%, while the social sector took 30.19% of the budget.
Noting that capital receipt shall be ring-fenced in line with federal governments’ fiscal sustainability plan, Gov. Ajimobi added that a more aggressive drive to generate revenue internally would evolve.
He expressed appreciation to both the legislative and judicial arms of government for their support so far and urge them not to relent in order to achieve a totally viable state economically.
The appropriation bill christened ‘budget of sustainability’ has n163.47 billion representing 57.36 % as capital expenditure and n121.53 billion representing 42.64% as recurrent expenditure.
Ajimobi, who listed other priority sectors as administration, law, and justice, said the government would focus more on internally generated revenue (IGR) to finance the budget.
The governor admitted that the 2018 budget performed below expectation as government was unable to meet up with the projected revenue.
He said the 2018 revenue performed at 27.26% instead of 75% of the approved budget and 36.34% on pro-rata as at September, while expenditure for the same period, performed at 25.24% instead of 75% on approved budget and 33.66% on pro-rata.
He stressed that his administration would ensure the completion of ongoing road projects, while others will be left for the incoming administration to complete.
Ajimobi added that the government has paid all salaries of civil servants up to date as at the last day of 2018.
Stressing that Oyo is a very challenging state to rule but his administration is leaving Oyo state much better than they met it.
Meanwhile, the speaker, Oyo state house of assembly hon Olagunju Ojo commended the governor for returning the state to the path of glory in the last eight years.
Ojo said the Ajimobi-led administration has put in place several people-oriented policies that restored peace and economic growth to the state.
He noted that the 8th assembly had considered 84 bills out of which 59 were passed into law while other bills are at the state of consideration.
The speaker charged members of the state executive council to double up their efforts toward ensuring that ongoing projects were completed.