Governor Gboyega Oyetola of the state of Osun on Thursday presented the sum of N119,550,401,040 as the proposed estimates for the 2020 fiscal year to the state House of Assembly.
Tagged Budget of Restoration, the estimate has N57,674,993,990, representing 48.24 percent as recurrent and N61,875,407,050, representing 51.76 percent as capital budget.
The Total revenue projections for the year is N119,550,401,040.
Reviewing the budget performance of the 2019, the governor said, the total expenditure of the budget realized within the third quarters of the year was N66,537,280,225. 45, representing 56.07 per cent of the N154 billion approved for the year.
This performance, according to him has made it critical for the government to redouble its efforts in generating revenue for effective implementation of the 2020 budget.
He noted that the budget was crafted based on the state Development Plan (2019-2028), Media Term Sector Strategy and Citizens Need Assessment carried out in the state among others.
In his address, Speaker of the Assembly, Timothy Owoeye described the budget as a report of purpose, saying, the budget that would be passed would be a proof of the Assembly’s priorities and an indication of the principles of the legislature.
According to him, the goal of the current Assembly is to place the economy on the path to sustainable growth, poverty elimination and economic opportunity.
He said, the Assembly will speedily assist the executive in the area of economic legislation and ease of doing business.
Noting that the implementation of the budget is more important to the Assembly, he said the committees of the house will work assiduously to undertake effective oversight and ensure prudence and value for money.