Governor Rauf Aregbesola of Osun State on Monday presented a budget proposal of N150.7 billion for 2016 fiscal year to the House of Assembly.
The Permanent Secretary, Budget & Economic Planning, Mr Segun Olorunsogo, presented the proposal on behalf of the governor.
He said the financial document was in line with the six point integral plan of the government.
Olorunsogo told the House that N113.1bn was for recurrent revenue, and N37.5bn was for capital receipts.
He said that personnel cost would take N33. 3bn while N12. 2bn and N37.1bn would be spent on overhead cost and consolidated revenue fund charges respectively.
The budget for capital expenditure was put at N67.98bn, according to the Permanent Secretary.
He also said that the budget was reviewed downward with a difference of 25.3 per cent against that of 2015.
He said the budget size for 2015 was N201.7bn, a difference of about N51.01bn with that of 2016.
He said the reduction was necessitated by the need to reflect the realities of the economic situation of Osun and Nigeria in general.
“The focal point of the 2016 budget laid before the state House of Assembly today is the completion of on-going projects on a priotised manner, based on available resources.
“The policy trust is on the continuation of the present administration’s commitment to the people of Osun as outlined in the six-point integral action plan and the green book,” Olorunsogo said.
He assured that the budget would not be financed solely by revenue from the Federation Accounts, due to dwindling price of crude oil in the global market, but through Internally Generated Revenue.
“Spirited efforts will also be made to block all revenue leakages while collection of revenue from new sources proposed in the budget will be pursued aggressively,” he said.
