By Modupe Gbadeyanka
Oyo State Governor, Mr Abiola Ajimobi, on Thursday presented a budget of N207.67 billion for 2017 to the state House of Assembly.
During his presentation in Ibadan, the Governor said his major priority for 2017 would be agriculture, infrastructure, health and education.
According to him, the 2017 Appropriation bill christened ‘Budget of Self-Reliance’ has a capital expenditure of N80.80 billion and a recurrent expenditure of N126.87 billion.
Mr Ajimobi noted that the 2017 budget is 19 percent higher than the 2016 budget, which was N173.43 billion.
Shedding more light on how he intends to source for funds for the appropriation bill, the Governor said his administration plans to raise N59 billion (28.41 percent) from Federation Account and N7.49 billion (3.60 percent) from Transfers from Local Government JAAC, among others.
He also said that a total of N46.618 billion (57.7 per cent) was allocated to Economic Sector, N25.646 billion (31.74 percent) to Social Services Sector, N880 million (1.09 percent) was allocated to Law and Justice Sector, while N7.654 billion (9.47 percent) was allocated to General Administration Sector.
According to him, the aggregate percentage of 89.44 percent of the appropriation, which was allocated to the economic and social sub-sector, underscored the government’s commitment to people-centred and empowerment-focused agenda.
“In the cautious optimism of the state government, we are hopeful that the signals on ground are pointers to economic recovery in the 2017 fiscal year. At the national level, the oil price is appreciating globally.
“We have also embarked on the reorientation and refocusing the citizenry towards increased participation in agricultural activities and also initiated various programmes to ensure economic inclusiveness,” Mr Ajimobi said.
Concluding his presentation, the Governor thanked the “market men and women who have co-operated in the payment of taxes.”
“You have demonstrated to us your readiness to contribute directly or indirectly to the state’s economic growth,” he said.
However, 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 with its attendant socio-economic benefits.”
He noted that the state plans to use money from its Internally General Revenue (IGR) for the development of Oyo State.
In his response, the Speaker, Mr Michael Adeyemo, said the Governor has showed the genuine commitment of his administration to the development of the socio-economic life of its citizenry.
more recommended stories
UAC of Nigeria Board Moves to Stop Historical Declining Performance
By Dipo Olowookere The board of.
Asian Stocks Close Mixed as Investors Await Outcome of OPEC Meeting
By Investors Hub Asian stocks ended.
European Markets Close Higher on Gains by Banking Stocks
By Investors Hub European stocks have.
OPEC Meeting in Focus Amid Light Economic Day
By Investors Hub The major U.S..