The budget, which he tittled, ” Budget of Repositioning, represents an increase of 10.45% compared with the 2016 budget.
According to the governor,the recurrent expenditure will gulp 102.82bn or 46.50 percent of the budget
Capital expenditure will gulp N118.306bn or 53.50 percent.
The governor added “Our Expenditure consists of Capital Expenditure of N118.306bn (53.50%) and Recurrent Expenditure of N102.823Billion (46.50%).
“Personnel Cost, made up of Salaries and Allowances stands at N62.73 Billion while Pension and Gratuities account for N11.2Billion which is about for 5.06% of Total Expenditure.
“The balance of N28.89 Billion which accounts for 13.07% is set aside for the Overhead Costs, “Senator Amosun stressed.
He revealed that the budget would be financed through Internally Generated Rrevenue (IGR) and revenue from the Federations Accounts.
Governor Amosun added that 51.71 percent or N114.34bn of the proposed N221.129bn Budget is to be funded from IGR while N41bn or 18 percent is expected from the federations account.Capital receipts is expected to contribute N65.78bn or 29.75 percent of the budget.
The governor who regretted the poor revenue of the stste in 2016, noted that “as at 31st October, 2016, the overall Budget performance was 56.2%. ”
It stressed that activities in the year 2017 in the agricultural sector will be more pronounced with efforts geared towards reducing youth unemployment and creation of wealth for the citizenry.
The Governor, Senator Ibikunle Amosun who stated this while presenting the 2017 budget tagged budget of ‘ Repositioning’ said the government will acquire additional 100,000 hectares of lands to be relocated to farmers and genuine investors in the sector.
Part of the efforts according to him is to erect Green House Farm implement for the cultivation of tomatoes and vegetables, .
The governor stated further that additional earth moving and land clearing equipment will be purchased for large scale agricultural production while high yield maize ,rice and cassava cuttings will be provided at subsidized rate to farmers.
In the commerce and industry Sector, the Governor informed that the Board of OSAMCA will be rescucitated to provide soft loan to farmers
. The Governor added that its administration has signed up for a 600 million naira world Bank assisted rural road projects which Will include the rehabilitation of 500 kilometers of roads across the twenty local government and 37 LCDA.
Already , the governor said the survey and design of 100 roads in the first phase of the project has been completed.