The Ogun State House of Assembly has successfully passed the Year 2024 Appropriation Bill of N703,028,013,431.64 after weeks of thorough deliberation. Governor Dapo Abiodun initially presented the bill, encompassing both capital and recurrent expenditures, as well as projected revenue for 18 Ministries, Departments, and Agencies (MDAs). The bill titled “A Bill for a Law to authorize the issue and Appropriation of the sum of Seven Hundred and Three Billion…” underwent extensive review and scrutiny before its passage.
Ogun State Review of Expenditures and Revenue Projections
The passage of the bill followed the meticulous examination and presentation of the report by the House Committee on Finance and Appropriation, chaired by Hon. Musefiu Lamidi. During Thursday’s plenary session at the Assembly Complex in Abeokuta, Hon. Lamidi moved for the adoption of the report, seconded by Hon. Damilola Soneye and unanimously supported by the House through a voice vote.
Notably, the review process witnessed an adjustment in recurrent expenditures for various key sectors such as Industry, Trade, and Investments, Agriculture, Transportation, Community Development, among others. This led to a reshaping of the total revenue target of the government, experiencing a downward revision of N11.5bn while also seeing increments in revenue from other sources, notably an increase of N10bn from excess crude revenue.
Impact on Expenditure Categories and Legislative Approval
The adjustments also affected the capital receipts, which saw an upward revision by N8.5bn. Additionally, the second schedule highlighted increments in proposed expenditures for specific offices like the Office of Auditors General and Sustainable Development Goals.
The bill’s final reading and approval were conducted with the Majority Leader, Yusuf Sheriff, moving for the third reading, seconded by Minority Leader, Lukman Adeleye, and subsequently supported by the entire House through a voice vote. The Clerk/Head of Legislative Service, Mr. Deji Adeyemo, concluded the process by conducting the third reading of the bill before the lawmakers.
Path to Implementation and Citizen Impact
Upon the bill’s successful passage, Speaker Rt. Hon. Olakunle Oluomo directed the transmission of the clean copy to Governor Abiodun for his assent. This move aims to ensure the prompt commencement of projects and services outlined in the budget, emphasizing the delivery of democratic dividends to the people of Ogun State from the onset of the upcoming fiscal year.
Governor Abiodun had previously presented a comprehensive appropriation bill totaling N703,028,013,431.64, with a substantial allocation of N415.656bn for capital expenditure and N287.37bn for recurrent expenditure. This meticulous review and subsequent passage by the Assembly mark a significant step in the state’s fiscal planning, setting the stage for developmental initiatives and effective governance in the forthcoming year.
Table of Contents
Discover more from OGM News NG
Subscribe to get the latest posts sent to your email.
