Aregbesola presents N150bn budget to lawmakers

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The Osun State Governor, Mr. Rauf Aregbesola, on Monday presented a total of N150.728bn budget for the 2016 fiscal year before the state House of Assembly.

The governor noted that the proposed budget reflected the present economic realities of the state and Nigeria in general.

Aregbesola, who was represented by the Permanent Secretary, Budget and Economic Planning, Mr. Segun Olorunsogo, said the document was in line with the six-point integral plan of his administration.

The Deputy Speaker, Mr. Akintunde Adegboye, presided over the plenary which had other members of the assembly in attendance.

Aregbesola explained that the aggregate of the budget was put at N150, 728, 245, 540.00

According to him, the figure represents the proposed revenue and expenditure of the state for the 2016 fiscal year.

Giving the breakdown of the budget, the governor said N113,185,677,170.00 was for recurrent revenue while N37,542, 568, 370.00 would be for capital receipts.

He said the expenditure of the state for 2016 would gulp N33, 344, 515, 710 as personnel cost while N12, 276, 675, 930, and N37, 123, 204, 940 would be spent on overhead cost and consolidated revenue fund charges respectively.

He added that the capital expenditure was put at N67, 983, 848,960.

The governor noted that the 2016 budget was reviewed downward with a difference of 25.3 per cent against that of 2015.

“The size of the year 2015 approved budget was N201, 740, 360, 700.00, a difference of about N51.01bn with that of the proposed 2016 budget,” Aregbesola said.

Source: Punch