Adeleke Unveils Ambitious N273.9B 2024 Budget at Osun State Assembly

Osun State Governor, Ademola Adeleke, took a significant step on Thursday as he unveiled an ambitious N273.9 billion budget proposal for the year 2024 before the State House of Assembly. Aptly named the “Budget of Reconstruction and Recovery,” the financial plan is strategically divided into two main components: a Recurrent Expenditure of N165.65 billion and a Capital Expenditure of N108.25 billion.

In his address to the assembly, Governor Adeleke highlighted that the primary focus of this budget is the revitalization and reconstruction of the state’s economy, which had faced severe challenges prior to the assumption of his administration. Emphasizing his commitment to following established laws, Adeleke underscored the necessity of presenting the draft budget to the House of Assembly for approval before the conclusion of the current year.

Governor Adeleke urged the lawmakers to expedite the passage of the appropriation bill, emphasizing the urgency in implementing the proposed financial measures. He revealed that the budget’s funding would be sourced from various channels, including Internally Generated Revenue (IGR), federal allocations, domestic and foreign loan facilities, and other revenue streams. The governor asserted that the budget’s primary dedication is to enhance the welfare of the people and create a positive impact on their daily lives.

In light of the economic challenges stemming from the removal of subsidies and the devaluation of the naira, Adeleke emphasized the crucial role of this budget in revitalizing the state’s economy. He sought the understanding and collaboration of the lawmakers in ensuring the swift evaluation and approval of the budget, underlining the imperative nature of the proposed measures.

The Speaker of the assembly, Mr. Adewale Egbedun, acknowledged the historic significance of the budget presentation. Not only is this the governor’s first budget, but it is also the inaugural one to be deliberated upon by the 8th assembly. Egbedun assured that the assembly would prioritize the timely passage of the budget, recognizing its critical role in the state’s development.

To facilitate a comprehensive review, the Speaker directed the assembly to receive 35 copies of the budget from various state Ministries, Agencies, and Departments. This move aims to ensure that lawmakers have access to detailed information and insights from key stakeholders, fostering a thorough and informed evaluation process.

In addition to the budget presentation, the Speaker announced the names of the governor’s nominees for the boards of several state statutory commissions. These commissions include the Osun Independent Electoral Commission and the Osun Assembly Service Commission. This announcement underscores the governor’s commitment to establishing effective governance structures and ensuring representation across key state institutions.

As Osun State navigates economic challenges and strives for recovery, the unveiling of this budget marks a pivotal moment in the state’s trajectory. Governor Adeleke’s emphasis on reconstruction and recovery aligns with the pressing need to address economic downturns and propel the state towards sustained growth. The collaborative efforts between the executive and legislative branches, as demonstrated by the budget presentation and subsequent legislative processes, are crucial for translating these financial proposals into tangible outcomes for the people of Osun State.