Oyo to fund 41% of 2018 budget

The Oyo State Government says it plans to realise N112.1 billion Internally Generated Revenue (IGR) in the 2018 fiscal year, which it has earmarked to fund 41.91 per cent of the 2018 budget.

Governor Abiola Ajimobi had, on December 14, 2017, presented a budget proposal of N267.4billion, tagged: ‘Budget of Stabilisation,’ to the House of Assembly.

The total Recurrent Expenditure was put at N118.37billion, while the Capital Expenditure stood at N149.1 billion.

Commissioner for Finance and Budget in the state, Mr. Abimbola Adekambi, disclosed the state government’s plan, on Monday, when he presented analysis of 2018 budget proposals to the public at the House of Chiefs, Parliament Building, Secretariat, Ibadan.

According to him, “An average of N4 billion monthly is being proposed by the Board of Internal Revenue. This projection is believed to be a more realistic estimate as we have married the actual monthly IGR of N1.3 billion to the positive expectation from the completion of the reforms to the structure and the autonomy of the BIR, expected increased revenue from the informal sector, deepening of enforcement.”

He stated that a total of N48 billion is being expected from the Board of Internal Revenue, while N64.1 billion is being expected from the Ministry, Departments and Agencies (MDAs), adding that the Ministry of Lands, Housing and Urban Development would provide a chunk of N40 billion as the government would open up more GRAs.

Adekambi also pointed out that unspent income brought forward stood at N10.4billion, representing 3.89 per cent; statutory allocation from federation accounts and others was N94.5billion, representing 35.31 per cent; capital receipts was N43.7billion, representing 16.35 per cent; and transfer from Local Government Joint Account Allocation Committee for LGSPB was N6.8billion, representing 2.53 per cent.

He stated further that the ongoing construction of five road network in the state would be completed this year, while construction of 10 new roads that have been awarded in 2017 would also receive government attention.

On education, the state government earmarked for the current fiscal year, N1.9billion for rehabilitation and repairs of public schools, N1billion for establishment of Technology Incubation Centre, N1.2billion for provision of furniture and fittings for schools, N1billion for construction and completion of three model schools, N800million for construction of new blocks in public schools, N100million for purchase of teaching and learning equipment for schools, and N100million for purchase of books.