Economy

2021 Fiscal Year: Oyetola Presents 109.8 Billion Naira Budget

Osun State Governor, Mr Gboyega Oyetola, has presented 109.8 billion Naira budget to the State House of Assembly for the 2021 fiscal year.

Presenting the budget tagged, “Budget of Providence”, M.r Oyetola said the budget was dedicated to post COVID-19 pandemic recovery.

He harped on the need to boost Internally Generated Revenue, IGR of the state.

The Speaker, Mr Timothy Owoeye had earlier commended the executive for making the 2020 budget lived up to expectations even in the face of the novel Coronavirus pandemic.

The Budget estimates of 109.8 Billion Naira has as Capital expenditure of 59.2 Billion Naira while 50.6 Billion Naira was earmarked for Recurrent expenditure.

Education and Health sector is to take the larger percentage of the the budget which is 18.08% and 17.98% respectively.

Governor Oyetola explained that the budget would be funded by Federal allocation which will make up  45.75% of the budget, 24.26% from Internally Generated Revenue, 22.88% from Aids and Grants of as well as 7.11% from Other Capital Receipt.

The Governor who noted that bulk of government revenue for the year 2020 came form Federal Allocation highlighted the need to boost Internally Generated Revenue of the State.

Earlier, the Speaker of the Assembly, Mr. Timothy Owoeye had commended the executive for making the 2020 budget lived up to expectations even in the face of the novel coronavirus pandemic.

The Speaker urged the executive to increase ease of doing business and remove bottlenecks that could scare investors away from the State.

Mr. Owoeye said the State House of Assembly would continue to embark on effective oversights to ensure timely completion of government projects in the State.

Also Speaking, the Chairman, House Committee on Finance and Appropriation, Mr. Taiwo Olodo assured that the budget would be given speedy consideration and passage.

It will be recalled that Osun State Appropriation Amendment Bill 2020, the state budget was reviewed downward from 119.5 billion naira to 82.2 billion naira.

Funmi Adekoya

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