It was reported that the state government passed and signed into law the 2023 budget of N276 billion which included recurrent expenditure of N130 billion and capital expenditure of N146.1 billion.
Last Thursday, the state acting Governor, Lucky Aiyedatiwa, presented the N384.5 billion Appropriation Bill for the 2024 fiscal year.
In the budget proposal christened ‘Budget of Economic Resilience,’ N172,518,140,353 was earmarked for recurrent expenditure while N212,014,859,647 is for recurrent expenditure.
Speaking at the budget defence of the Ministries, Departments and Agencies of the government on Friday at the Assembly complex, the Chairman, House Committee on Budget and Appropriation, Mr. Oluwole Ogunmolasuyi, expressed optimism that the 2024 budget would add value to the people of the state.
Ogunmolasuyi, who admitted that the 2023 budget of the state was negatively affected by the oil subsidy removal, said it had been taken care of in the 2024 Appropriation Bill.
He said, “This oil subsidy removal was a serious challenge to the 2023 budget because as of December 2022, when we passed the budget for the year 2023, we never envisaged that oil subsidy removal would come up and you know that this issue came up in the middle of the year and we didn’t prepare for it.
“It affected the lifestyles of the people, the cost of living was affected, and the inflation rate was higher. So all these need to be put into consideration to ensure that our people have a better life in the 2024 budget.
“That is why we pay more attention to the year 2024 budget to ensure that the budget takes care of the welfare of our people adequately.”
Ogunmolasuyi, who is also the majority leader of the House, however, noted that the 2024 budget would soon be passed into law by the Assembly.
“It is our hope that 2024 Appropriation of N384,533,000,000.00 broken into N172,518,140,353.00 for recurrent and N212,014,859, 647.00 for capital expenditure that is aimed at cushioning the effect of fuel subsidy removal covers the imminent wage increase for workers as well as control the floating exchange rate will live to its billing.
“There is the need to contribute our quota positively towards the attainment of a very visionary budget for our dear state which will ensure that there is a great commitment of service to humanity,” the lawmaker stated.
