Osun State Governor, Mr. Gboyega Oyetola has presented the 2022 budget estimate of 129.8 billion naira to the State House of Assembly.
Our Correspondent reports that the budget christened “Budget of Sustainable Development” was to consolidate on various developmental projects in all sectors.
The 2022 budget estimates was higher than the year 2021 budget of 109.8 billion naira by 20 billion naira.
The Budget estimates of 129.8 billion naira has as Capital expenditure of 76.2 billion naira, representing 58.70% while 53.6 billion naira representing 41.3% was earmarked for Recurrent expenditure.
Education sector is to take the larger percentage of the the budget which is 26.billion naira while Infrastructure and Health sectors had 19 billion naira and 16 billion naira respectively.
Governor Oyetola explained that the budget would be funded mainly by Revenue from Internally Generated by the state, Federal allocation, Aids and Grants as well as other Capital Receipt.
The Governor who noted that Internally Generated Revenue is crucial to a realistic budget, said the state government would lay emphasis on capital projects especially physical infrastructure to encourage investors.
Earlier, the Speaker of the Assembly, Mr. Timothy Owoeye had assured that the House would pass a budget estimates that would prioritise the need of the people and guarantee their better welfare.
The Speaker while calling for strengthening of Osun Internal Revenue Service capacity to increase Revenue generation urged the people of the state to pay their tax accurately and timely.
Mr. Owoeye said the State House of Assembly would continue to embark on effective monitoring and oversight to ensure proper to implementation of the 2022 budget.
Funmi Adekoya
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