Friday, 19 January 2018

Local News

Oyo State 2018 Budget: Finance Commissioner Presents Analysis

Oyo State Government has disclosed plans to create more avenues and enabling environment in the 2018 budget that would allow for wealth creation and economic empowerment of the State.

The State Commissioner for Finance and Budget, Mr Abimbola Adekanbi stated this during a presentation of the 2018 budget analysis at the House of Chiefs, Agodi Secretariat, Ibadan, on Monday, January 8, 2018.

The Commissioner noted that the 2018 budget tagged "budget of stabilization" is said to have evolved from a zero based budgeting approach with priorities on infrastructure, agriculture and its value chain, education, health and other sectors.

While presenting the 2018 budget analysis, Mr Abimbola Adekanbi explained that the over 267 billion naira 2018 budget is expected to be financed through Internally Generated Revenue (IGR), statutory allocation from the federation account, capital receipt amongst others, and noted that sectoral analysis shows Government's desire to economic growth.

The Commissioner however affirmed that year 2017 budget did not perform as expected but expressed optimism that this year's budget of stabilization would be properly monitored to achieve maximum performance.

The 2018 budget made adequate provision for the health sector with a budget estimates of 2.8 Billion Naira out of which #1 Billion was budgeted for the establishment of a cardiovascular centre at the Ring Road State Hospital, Ibadan.

The remaining #1.8 Billion is expected to be used on renovation of the Ring Road Hospital, procurement of essential drugs and purchase of medical equipment for Hospitals among other health interventions programme.

The education sector equally got reasonable estimate of 6.1 Billion Naira for the rehabilitation of public Schools, provision of furniture for public schools, establishment of technology incubation center and purchase of books amongst other projects.

Physical and social infrastructure, particularly the construction and completion of road network system also got adequate earmarks from the 2018 budget.

The sum of 6.7 Billion Naira was budgeted for the completion of various on going road networks across the State, while the total sum of about 35 billion Naira is earmarked for the new construction which would cover roads like beere-Alekuso-Agbeni Dugbe and Otitamerin-Ayeye-Inalende-Mokola road with spur to Feleye ibadan among many other new roads.

The Agricultural sector also got a huge sum of 3.7 billion Naira for the procurement of Tractors, the completion of 10,000 metric tones capacity Silo for storage of grains under Oyo State Agricultural initiatives among other agricultural development programme.

The Lands, Housing and Urban development was not exempted in the budget proposal as 6.7 billion Naira was budgeted for the establishment of Oyo State Geographic Information Service, while the Trade and Investment is expected to gulp about 446 million Naira out of which neighborhood market would be constructed and infrastructure would also be provided for the opening of Okerete international border market.

Residents have also been assured that efforts would be directed in harnessing all revenue to execute every ongoing projects and bring new ones to completion while regular and quarterly monitoring and review of budget performance across Ministries, Departments and Agencies of Government would be carried out to ensure efficiency of the 2018 budget