Governor Abiodun Unveils Ambitious N703.028 Billion Budget For Ogun State In 2024

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Ogun State Governor, Dapo Abiodun, has presented the 2024 Appropriation Bill totaling N703.028 billion to the State House of Assembly…CONTINUE READING

The proposed 2024 budget surpasses the 2023 budget of N472.250 billion by N230.78 billion, with infrastructure receiving the largest allocation of N209,122.60 billion, constituting 30% of the budget.

Presented at the Assembly complex in Oke-Mosan, Abeokuta, and presided over by Speaker Olakunle Oluomo, the Appropriation Bill, named ‘Budget of Sustained Growth and Development,’ is set to be financed by Internally Generated Revenue (IGR), estimated at N100.81 billion, and a statutory allocation from the Federal Government estimated at N182.05 billion.

Governor Abiodun highlighted that the 2023 budget achieved a performance rate of 74.39%, emphasizing his administration’s commitment to diversify the state’s economy through mineral exploration.

Breaking down the budget, Abiodun allocated N415.66 billion to capital expenditure and N287.37 billion to recurrent expenditure. Specific allocations include N108,219 billion (16%) for Education, N81,185 billion (12%) for Health, N14,213 billion (2%) for Agriculture and Industry, N28,886 billion (4%) for Housing and Community Development, and N28,692 billion (4%) for Social Protection.

The governor further disclosed that the state’s Gross Domestic Product (GDP) is estimated at N7.3 trillion, with a projected GDP rate of 3.30% and a 24.44% inflation rate.

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