Governor Rauf Aregbesola of Osun State on Monday presented a budget proposal of N150.7 billion for the 2016 fiscal year to the state House of Assembly.
The Permanent Secretary, Budget and Economic Planning, Segun Olorunsogo, presented the proposal on behalf of the governor.
Olorunsogo said the financial document was in line with the six point integral plan of the government.
Olorunsogo told the House that N113.1 billion was for recurrent revenue, and N37.5 billion was for capital receipts.
He said personnel cost would take N33.3 billion, while N12.2 billion and N37.1 billion would be spent on overhead cost and consolidated revenue fund charges respectively.
The budget for capital expenditure was put at N67.98 billion, according to the Permanent Secretary.
He also said the budget was reviewed downward with a difference of 25.3 per cent against that of 2015.
He said the budget size for 2015 was N201.7 billion, a difference of about N51.01 billion to that of 2016.
Olorunsogo said the reduction was necessitated by the need to reflect the realities of the economic situation of Osun State and Nigeria in general.
He said: “The focal point of the 2016 Budget laid before the state House of Assembly today is the completion of ongoing projects on a priotised manner, based on available resources.
“The policy trust is on the continuation of the present administration’s commitment to the people of Osun as outlined in the six-point integral action plan and the green book.”
Olorunsogo promised that the budget would not be financed solely by revenue from the Federation Accounts due to dwindling price of crude oil in the global market, but through Internally Generated Revenue.
“Spirited efforts will also be made to block all revenue leakages while collection of revenue from new sources proposed in the budget will be pursued aggressively,” he said.