Osun State Government has set a target of N109.8 billion as Internally Generated Revenue ,IGR, to finance its N427 billion budget for 2025.
The Commissioner for Economic Planning, Budget and Development, Prof. Moruf Adeleke, disclosed this during the analysis of the state’s 2025 budget, on Thursday in Osogbo.
Adeleke said while the state hoped to generate N109.8 billion internally, N251 billion was expected from the Federation Account to fiance the budget.
He said that in equally N36 billion was expected from other capital receipts, with N30 billion being the estimated opening balance for the budget.
The commissioner said that the budget christened ” Budget of Sustainable Growth and Transformation” had N236 billion as its recurrent expenditure, representing 55%.
Adeleke further explained that capital expenditure in the budget stood at N191 billion, being 45% of the total budget.
The commissioner said that under the recurrent expenditure, N102 billion would be used for personnel cost, comprising salaries, allowances, salary arrears, social contribution and benefits.
He said that this represented 24% of the budget size.
Furthermore, Adeleke said that N29 billion under its recurrent expenditure would be used to service part of the debt incurred by the previous administration, among others
On the capital expenditure, Adeleke said that N6.6 billion was allocated to health, N27.5 billion to education, while N6 billion was allocated to water and sanitation
He said that N106 billion was allocated for infrastructure development.
The commissioner said that the ministry would ensure strict monitoring and implementation of the budget to meet targets and expectations.
” Citizens of the State are thereby urged to cooperate with the revenue generating agencies in order to achieve the developmental goal of the state.
“Proper enforcement towards generating revenue could also be encouraged to block revenue leakages.
“By implementing these strategies, Osun State can create a more reliable and sustainable source of income to finance the 2025 budget”, he said.
