OGUN ASSEMBLY REDUCES 2018 APPROPRIATION BY OVER N1.4BN - NATIONAL TRUMPET

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Thursday, December 28, 2017

OGUN ASSEMBLY REDUCES 2018 APPROPRIATION BY OVER N1.4BN

Ogun State House of Assembly today passed the sum of N343, 983, 962, 106. 00 as the 2018 Appropriation Bill with a reduction of N1, 434, 500, 000: 00 from the initial the N345, 418, 462, 106: 00 earlier presented to it over a month ago by the State Governor, Senator Ibikunle Amosun. 

The passage of the over N343Bn budget saw to the adjustments in the recurrent expenditures of nine agencies, just as four agencies also had their capital expenditures adjusted, while revenue targets of nine agencies including proposed external loans were also adjusted.   

The passage of the bill was sequel to the presentation of the report of the House Committee on Finance and Appropriation led by Hon. Akanbi Bankole, who thereafter moved the motion for its adoption, seconded by Hon. Israel Jolaoso and supported by the whole House through a voice vote.

According to the report, capital expenditure was slashed from N223.721B to N222.881B resulting in a difference of N840m, while the total revenue target was moved from over N345.418b to over N343.983b giving a reduction of over N1.434b.

The bill was thereafter read clause- by- clause before the members by Speaker Suraju Ishola Adekunbi, while the Minority Leader, Olawale Alausa, moved the motion for the third reading, which was seconded by Hon. Jimi Otukoya and the Clerk of the House, Engr. Lanre Bisiriyu did the third reading of the bill.

Passing the bill, Speaker Adekunbi commended his colleague- lawmakers and the entire members of staff for their support and dedication to duty which led to the speedy passage of the Appropriation bill and later directed that the clean copy of the bill be sent to the Governor for his assent.
It would be recalled that Governor Ibikunle Amosun on the 21st of November, 2017 presented the budget size of N345, 418, 462, 106: 00 as the 2018 Budget; which was christened: "Budget of Accelerated Development," out of which N223.721B representing 64.7% was earmarked for capital projects. The remaining N121.698b which represented 35.2 % was set aside for recurrent expenditure with the target revenue which consisted of the Internally Generated Revenue and proceed from the Federation Account was put at N197.258B;  representing 57.10% of total funding.

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