The Oyo State governor, Abiola Ajimobi, presented a budget of N267 Billion for the 2018 fiscal year to the state House of Assembly on Thursday tagging it ‘Budget of Stabilisation.
Though the governor could not provide the details before the lawmakers, saying the state ministry of finance would do the job later, he informed that the new budget is increased by N60b above that of 2017 which was N207b in total.
Governor Ajimobi informed the members of the house that the budget submitted for consideration and approval of the legislature stood at N267,436,357,912.19, adding that it is expected to be funded from Internally Generated revenue of N112.10bn, Federation Account N93.68bn, Capital Receipts of N43.72bn, Transfer (LG, JAAC for LGSPB & LGSC) of N7.53bn and an unspent income of N10.40bn from 2017.
The budget presentation witnessed the presence of eminent personalities in the state including former Deputy Governor of Oyo State, Ambassador Taofeek Arapaja, Former Senate Leader, Senator Teslim Folarin, Former Speaker of the Oyo State House of Assembly, Ashimiyu Alarape, traditional rulers , led by the Alaafin of Oyo, Oba Lamidi Adeyemi, Aseyin of Iseyin, Oba Salawudeen Adekunle Ajinese 1, Eleruwa of Eruwa, Oba Samuel Adegbola, the Olubadan in Council, Party stalwarts as well as members of the Ibadan Elders Forum led by Ambassador Olu Sanu.
Senator Ajimobi said that the structure of the 2018 budgetary proposal reflects the priority the Government has accorded the various sectors in terms of their expected developmental effects, noting that the relative aggregate sectoral allocations were Economic Sector N85.390bn (57.29%), Social Services Sector N54.280bn (36.42%), Law & Justice Sector N0.517bn (0.35%) and General Administration Sector N8.860bn (5.94).
According to him, “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.
“It is to be recalled that apart from consistently utilizing more than the stipulated minimum of all the recurrent intervention from the federal government to settle salary/pension and arrears, our administration had conceded 100% monthly allocation from the federation accounts to payment of salaries and pensions of the State’s work force,” he added.
The Governor assured that his administration will further strengthen monitoring, supervision and inspection of our teaching staff as well as roll out policies that will culminate to better performance of students at national and international examinations, adding that the State Government has awarded the construction and renovation of structures in Schools towards the provision of conducive environment for teaching and learning in our various schools with continued restructuring exercise in respect of staff redistribution with emphasis on professionalism and competence.