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OSUN State Government has voted the sum of N191 Billion for Capital Expenditure while Recurrent Expenditure took the sum of N236 Billion for the 2025 budgetary allocations.
This was made known today, January 16, 2025 by the Commissioner for Economic Planning, Budget and Development, Prof. Moruf Adeleke in his budget analysis tagged, “Budget of Sustainable Growth and Transformation”.
According to Adeleke, Capital Expenditure took 45% while Recurrent Expenditure took 55% of the entire budget.
The State Government initially proposed 390Billion Naira which was later increased by N37.7 billion with total amount of 2025 budget standing at N427,746,925,170.
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“The 2025 budget was predicated on Government policies and influenced by macro-economic variables such as inflation rate, GDP growth rate, exchange rate, oil price, as well as the citizens’ needs, leading to a significant upsurge of 56% as against the 2024 budget.
The budget aims at achieving the Government policy through the implementation of the 5-point Development Agenda of this Administration as listed below, which are in-line with the State Development Plans and Sustainable Development Goals.
• Adequate Provision for workers welfare, salaries, gratuities and pensions.
Boosting State economy through business loans to market women, youth, and artisans.
• Osun’s fund serving Osun people through Home Grown Infrastructure Policy.
• People-focused social policy through skill-based education, affordable health care, State security and social security support.
Agro- based Industrialization for wealth and job creation for youths and women.”
Out of the total sum, N251.6 billion is expected to come from the Federation Accounts Allocation Committee (FAAC) consisting of Statutory allocation, Value Added Tax, Exchange Rate Gain, Ecological Fund, Electronic Money Transfer Levy and other revenue from FAAC.
N109.9 billion is expected from Internally Generated Revenue (IGR), while N36.2 billion from other capital receipts as well as N30 billion being the estimated Opening Balance. All these make up the total inflow expected as revenue to the State.
“In conclusion, as a revenue driven budget, the State will achieve a more stable revenue stream by fostering economic growth within the State to increase revenue generation.
The Ministry of Economic Planning, Budget and Development will continually monitor the implementation process for delivery according to targets and expectations.
Citizens of the State are thereby urged to cooperate with the revenue generating Agencies, in order to achieve the developmental goal of the State.
Proper enforcement towards generating revenue could also be encouraged to block revenue leakages.
By implementing these strategies, Osun State can create a more reliable and sustainable source of income to finance the 2025 budget.”
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