2020 BUDGET: Abiodun Sets Agenda to Grow Local Economy 

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  • BY SHEDRACH UBA in Lagos•

Governor Dapo Abiodun of Ogun State has said that he wants the proposed 2020 Budget to be a springboard for the implementation of its administration’s economic development plan that seeks to create wealth and re-position the economic well being of the people.

Abiodun stated this at a sensitisation programme by the Ministry of Budget and Planning to enlighten stakeholders across Ministries, Departments and Agencies (MDAs) on the vision of his administration towards the preparation of the year 2020 Budget.

The Governor said his administration was already undertaking necessary amendments on the Security Trust Fund,  a  new bill to establish Public Works Agency,  the Public-Private Partnership ( PPP) and Ogun Invest Promotion bills among others to accelerate the economic and developmental plan of the State.

Harping on the focus his administration for the next fiscal year, Abiodun said the amendment bill already transmitted to the House of Assembly would ensure the State becomes safer and conducive for investors and investments through the provision of state-of-the-art security gadgets and equipment for security agencies in the State, adding that similar synergy was already being planned to tighten security in the South West States through a joint task force to be put in place by the governments of Ogun, Lagos, Oyo, Osun, Ondo, and Ekiti States to address increasing security unrests pervading the zone in recent times.

On-Road Infrastructure, he said the attention of his administration would shifted to developing township and rural roads to stimulate the local economy, noting that efforts were also in top gear to initiate a bill that will establish the Public Works Agency in order for local technicians and professions in the building sector to create wealth for themselves as government was ready to employ people living within the corridors of the roads to be constructed to work on such projects.

“The proposed Public Works Agency to be established through a new bill will stimulate the local economy through the employment of people living in those corridors. Gone are the days we’ll employ foreigners to undertake road constructions.”

The Governor also hinted on his administration seeks to engage more youths and provide food security through agriculture. In this regard, Abiodun said the Federal government has endorsed and partnership between the State government and the Central Bank of Nigeria to engage 10,000 youths by making available a hectare of land for each youth.

Abiodun noted that while the CBN would assist in clearing the land, provide seedlings, the State government would render extensions services just as the CBN would ensure the buyback mechanism.

On his part, the Chief Economic Adviser to the Governor, Mr. Dapo Okubadejo said the state government has mapped out an infrastructure development plan to highlight the commitment and role of all stakeholders towards funding it projects.

Okubadejo said the plan has spelled out the what would be spent by the State government, Donor agencies and amount accruable from Federation Accounts and Internally generated revenue towards financing it’s projects while the deficit would be sorted through a bond program, adding that the State presently does not have a credit rating in the capital market but assured that the present administration was working towards ensuring that the state had a good stead at the capital market to access funds by ensuring a discipline in terms of its  fiscal policies.

The Permanent Secretary, Ministry of Budget and Planning, Mr. Hassan Adekunle while appraising the mid-year budget for 2019 said ” expenditure performance as in June 2019 stood at N85.90b which represents 21.46% of the total Budget of N400.32.

Adekunle said the performance of 42.92% of N200.16b, which indicated an increase in expenditure by 5.72% compared to the actual expenditure for the corresponding period of 2018.

The Director of Budget, Mr. Akintomiwa Osibodu while delivering the Sensitization programme was aimed at repositioning the State for challenges and deepen revenue propensity of the state to carry on with long-lasting legacies.

 




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