Oyo state’s N267 billion budget of “Stabilisation’’ has been presented to the House of Assembly for approval for the 2018 fiscal year.
The budget was presented on Thursday by Governor Abiola Ajimobi.
The budget is N60 billion higher than the N207 billion presented in 2017.
According to the budget, the capital expenditure is N149.1 billion while the recurrent expenditure is put at N118.37 billion.
The governor stated that capital expenditure and recurrent expenditure in the budget stood at 55 and 45 per cent respectively.
Ajimobi also said that N156.42 billion was realised out of the estimated N208.65 billion revenue in the 2017 Appropriation Act as at September.
He said that revenue performance stood at 46.95 per cent against 62.63 per cent in September, while expenditure performance stood at 46.62 per cent against 62.19 per cent.
Ajimobi said recurrent expenditure, particularly on personnel cost, was heavier due to the continued commitment to payment of workers’ salaries.
“It is to be recalled that apart from consistently utilising 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 Account to payment of salaries and pensions of the state’s work force.
“This is hinged on our philosophy that only a motivated workforce can facilitate productive performance of an administration for the actualiSation of the delivery of expected dividends of democracy,’’ he said.
He, however, said that his administration was confronted with several challenges during the outgoing fiscal year, noting that government experienced decline in the monthly federal allocation throughout the year.
Ajimobi stated that the situation impacted negatively on the level of budget performance, adding that the 2018 budget was structured toward consolidating upon the gains of the previous years.
He appealed to tax defaulters to perform their civic responsibilities and join hands with others to contribute to government efforts at advancing the development of the state.
“To ensure the realisation of our internally generated objectives, we must continue to restructure government agencies in charge of receivables including the Bureau of Internal Revenue.
“This is our commitment for a well- structured financial system which will give us the impetus to demand from the people their obligations to government,’’ he said.
