The State House of Assembly has been presented with the N703.028 billion 2024 Appropriations Bill by Governor Dapo Abiodun of Ogun State.
The planned budget for 2024 is N230.78 billion more than the budget for 2023, which was N472.250 billion.
The largest portion of the current budget—N209,122.60 billion, or 30% of the allotment—went towards infrastructure.
The state House of Assembly, led by Speaker Olakunle Oluomo, received the appropriation bill at the Assembly complex in Oke-Mosan, the state capital of Abeokuta.
Abiodun referred to the budget as a “Budget of Sustain Growth and Development,” and he stated that among other things, N182.05 billion in statutory allocations from the federal government and internally generated revenue (IGR), projected at N100.81 billion, will be used to fund it.
The governor estimated that the budget performance for 2023 would be 74.39%, and he said that his administration will use mineral exploration to diversify the state’s economy.
The governor told the MPs that N287.37 billion was set aside for recurrent expenses and N415.66 billion was designated for capital expenditures.
Abiodun provided a breakdown of the budget, stating that N108,219 billion (16%) goes towards education, N81,185 billion (12%) goes towards health, N14,213 billion (2%) goes towards agriculture and industry, N28,886 billion (4%) goes towards housing and community development, and N28,692 billion (4%) goes towards social protection.
According to Abiodun, the state’s GDP is anticipated to be worth N7.3 trillion, with an annual GDP growth rate of 3.30 percent and an inflation rate of 24.44 percent.
