BUDGET RETREAT: OGUN LAWMAKERS ENGAGE BUDGET COMMISSIONER, CONSIDERS 2025 BUDGET COMPONENTS

Members of the Ogun State House of Assembly today began the budget retreat with an interface with the State Commissioner for Budget and Planning, with a view to dissecting the various components of the 2025 State Budget of ‘ Hope and Prosperity’ preparatory to its passage for the advancement of the State economy and benefits of the people of the State.

Declaring open the retreat held at WOSAM Arena, Ago-Iwoye, the Speaker, Rt. Hon. Oludaisi Elemide, explained that the retreat remained a critical phase preparatory to the budget passage, as it would to allow the lawmakers analyse the components of the budget in fulfillment of their constitutional duties.

He explained that the budget passage process would assist in assessing the State’s fiscal estimates, with a view to determining their short and long-term impacts on the populace.

Elemide added that the interface session would enable the lawmakers chart a progressive path in line with their legislative agenda, especially in the planning and implementation phase of economic and Infrastructural projects as contained in the budget proposal.

In his presentation, the Chief Economic Adviser and Commissioner for Finance, Dapo Okubadejo, while presenting the detailed analysis of funding sources for the Year 2025 Budget Estimates vis a vis the performance of the year 2024 budget, said the budget for the next fiscal year of N1.054 Trillion was prepared in line with international best practices of budgeting in relation to the global framework that projects the economic potentials of the State.

Okubadejo, represented by his Budget and Planning counterpart, Olaolu Olabimtan, said the proposal was prepared based on some fiscal fundamentals including exchange rate, benchmark oil price, daily oil production and other budget parameters.

Mr. Olabimtan, while presenting the breakdown of the State Fiscal outlay, including debt profile and revenue, comprising of the internally generated revenue, FAAC and grants in respect of Year 2024 Budget and the proposed Year 2025 Estimates, as well as the sectoral breakdown, said strategies were being rolled out by the economic team of the State through relevant MDAs of Government to boost revenue drive, deliver more Infrastructural projects, promote accountability and healthy economy.

Positing that the next year budget would avoid putting unnecessary pressure on the people through increased taxation, the Commissioner submitted that the State would continue to give priorities to the economic enablers that would finance the budget to meet the yearnings of the people which had been gathered during the recently concluded townhall meeting and captured in the budget estimate presented by the State Governor, Prince Dapo Abiodun before the lawmakers.