Ajimobi Presents N267b Budget

Governor Abiola Ajimobi of Oyo State has presented a total sum budget proposal of N267,436,357,912.19 for 2018 to the members of the State house of Assembly.

As a lawmaker representing Akinyele 1 state constituency, Hon Joshua Oyebamiji declared his intentions to join the ruling All Progressive Congress (APC) from the Accord Party (AP).

Giving the reason for his decision, the lawmaker said the AP that he won the seat with is presently in shambles and rocked with factionalisation issues with the keys party figures already decamped to the opposition Peoples Democratic Party (PDP).

The figure is N60.4billion higher than the 2017 budget which stood at N207billion.

The budget presentation titled “Budget of Stabilisation” was graced by Royal fathers including the Alaafin of Oyo, Oba Lamidi Adeyemi, the Aseyin of Iseyin Oba Salaudeen Adekunle, Oba Owolabi Olakuleyin, Oba Eddy Oyewole, Oba Lateef Adebimpe, party chieftains, captains of industry, members of the state executive council and members of the public.

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According to the budget proposal, the proposed revenue was projected as N93.68billion from the federation account, N7.53billion from transfers (LG, JAAC for LGSPD and LGSC), and N112.10billion from Internally Generated Revenue (IGR) and increase of four percent from the 2017 budget.

While the total recurrent revenue stands at N213.3billion, the capital receipt was put at N43.72billion.

Giving the proposed expenditure, the sum of N39.84billion is to be spent on personnel cost, N25.24billion on overhead cost and N53.28billion on the consolidated revenue. In all, while the total recurrent expenditure stands at N118.37billion, the capital expenditure was put at N149.1billion.

While highlighting the priority sectors of the 2018 budget proposal bill, the governor said the government will commit N85.39billion to the economic sector, N54.280billion to the Social Service sector, N.517billion to the law and justice sector and N5.94billion to the general administration sector.

“The aggregate percentage of 93.71% of the capital expenditure allocated to the economic and social sub-sectors underscores the State Government’s determination to continue to pursue a people-centered, empowerment-focused agenda. We consider this as the best antidote to the problem of poverty amongst our people.  In line with Fiscal Sustainability principle, personnel expenditure has been rationalized to be 15% of the total budgeted expenditure”, the governor told the lawmakers.

While accepting the document following the motion of the lawmakers, the Speaker assured the governor of speedy passage of the budget, promising that the House will continue to show her support and understanding and work harmoniously with the executive. 

He also assured that the House would step up in the areas of oversight function in order to complement the efforts of the governor so as to make the state “transformed and well positioned.”

Speaking further on why he dumped  AP to join the ruling APC, he disclosed that it can’t be far fetched from the ongoing transformation from Governor Ajimobi led administration.

 He maintained that he felt needed to join the train so that he would be able to fulfil his electioneering promises to his people.

He was later presented with the party flag by the Majority Leader, Kehinde Subair and received by the Governor, state party chairman, Chief Akin Oke, the Speaker, Michael Adeyemo and other party chieftains.