The country's dwindling revenues due to falling oil prices has manifested in Osun State's budget for the next fiscal year, showing a comparative decrease from this year's budgetary spendings. Governor, Rauf Aregbesola, on Tuesday, presented a budget of N197, 82,191,560.00 billion for the 2015 to the state House of Assembly, as against the N216bn the government presented for the 2014 fiscal year.
Segun Olorunsogo, Permanent Secretary of the Office of Budget and Economic Planning, Osun State Government, made the presentation on behalf of Aregbesola.
Tagged, “Budget of Renewed Hope”, Olorunsogo said the budget aims at “consolidating on the various achievements and the progress made in the last four years to transform the state”, based on the “six-points integral action plan” of the government.
In his a statement issued in Osogbo, Olorunsogo said, “The budget, according to the state government, is in compliance with the acceptable international standard and best practices.”
According to him, the “Revenue component of the budget is N131,741,905,500, while the capital expenditure is N65,340,286,060, totalling N197,080,191,560.”
Speaker of the Osun Assembly, Najeem Salaam, said the Appropriation Bill would further deliver the dividends of democracy to the people of the state.
Najeem attributed the reduction in the current budget, as compared to the present year, to dwindling revenue accruable to the state. He therefore pleaded with the people to be more patient with the government as regards the state’s finances.