2020 budget: Abiodun sets agenda to grow local economy

Ogun State Governor Dapo Abiodun has said the proposed 2020 budget will be a springboard for implementation of his administration’s economic growth plan.

Abiodun spoke 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 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 economic and developmental plan.

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.

He added that similar synergy was already being planned to tighten security in Southwest 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 insecurity affecting the zone.

On road infrastructure, the governor said the attention of his administration would be shifted to developing township and rural roads to stimulate the local economy.

The governor also hinted that his administration will engage more youths and provide food security through agriculture.

He said the Federal Government has endorsed a 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 and providing seedlings, the state government would render extensions services just as the CBN would ensure 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 spelt out what would be spent by the state government, donor agencies and amount accruable from the Federation Accounts and internally generated revenue towards financing its projects.

The deficit, he said, would be sorted through a bond programme, adding that the state presently did not have a credit rating in the capital market but assured that the administration was working towards ensuring that the state has a good stead at the capital market to access funds by ensuring fiscal discipline in its fiscal policies.

Permanent Secretary, Ministry of Budget and Planning Mr. Hassan Adekunle, while appraising the mid-year budget for 2019, said: “Expenditure performance as at June 2019 stood at N85.90 billion, which represents 21.46 per cent of the total budget of N400.32.”

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