The executive arm of Osun State government has presented a budget of 138.232 billion Naira for the 2017 fiscal year to the state House of Assembly for consideration.
The estimate, which was presented at the plenary on Wednesday, has recurrent expenditure of 75.823 billion Naira and capital expenditure of 62.409 billion Naira.
It also has the recurrent revenue of 105.090 billion Naira and capital receipts of 33.142 billion Naira.
Presenting the budget, tagged ‘Budget of Recovery’, on behalf of the governor, the Permanent Secretary, Budget and Economic Planning, Mr Segun Olorunsogo, said, the economic sector of the budget, including agriculture, rural development, rural and urban electrification, commerce, industry, finance and transportation would gulp 24.911 billion Naira of the total budget.
He also said, the social service sector, including education, health, information and culture, youths, sports and social development would gulp 11.168 billion Naira of the budget.
The regional planning and environmental development sector, which includes water resources, environmental sanitation, housing, town planning, according to him, will gulp 5.315 billion Naira while general administration and other services will gulp 21.014 billion Naira.
According to him, the main focus of the budget would include, “provision of enabling environment that will ensure increase in food production”.
“It focuses on consolidation of social infrastructure that will expand the economic and industrial base of the state; creation of conducive, productive, and active socio-economic environment that ensures job creation and empowerment of youths and women.
“It will also focus on development of opportunities for wealth creation through tourism and culture; improving basic education infrastructure that promotes functional education and enhancement of the capacity of teachers at all levels,” he said.
Mr Olorunsogo stated that in the course of implementing the budget, new revenue sources would be pursued, while the existing mechanism of internal revenue generation would be improved on.
He told the lawmakers that the government was determined to leverage on the revenue generating potentials of both formal and informal sectors and ensure non-reliance on the revenue from the Federal Allocation.
The governor’s representative also said, the government would ensure blockage of leakages in revenue collection through effective monitoring of all officials in charge of such collections.
Receiving the budget, the Speaker, Honourable Najeem Salaam, said the estimate would be properly scrutinised to ensure it was in line with the needs of the state and its people and do justice to all the budget heads.
Commending the administration of Aregbesola for working hard in formulating policies and programmes that would improve the living standard of the people, he said, the Assembly would not be the clog in the progress of the state.
The speaker who stressed that the presentation of the budget had been taken as first reading, noted that, the estimate would be committed to the Committee of Finance and Appropriation for consideration.