By Osaigbovo Iguobaro, Benin
Ovia South-West Local Government Area in Edo State, has proposed N3,286,291,144.50 for the 2018 fiscal year.
At the presentation of the budget estimate to the Legislative arm of the Council for consideration, the Chairman of Council, Destiny Enabulele, Tuesday said the recurrent component of the budget estimate is N1,900,264,317.12, representing 57.8%.
He said the Capital expenditure stands at N1,386,026,827.38, representing 42.2%.
A breakdown of the budget draft which is tagged “Budget of Total Transformation,” would be funded with Statutory Receipts:
N2,500,000,000.00; Internally Generated Revenue (IGR):
N189,101,144.50; Excess Crude Fund: N557,000,000.00; Grants and Donations: N40,190,000.00.
The Recurrent component of the budget is made up of Personnel Costs:
N686,542,317.12; Overhead Cost will gulp N206,082,000.00 while the Consolidated Revenue Fund Charges of N997,640,000.00.
The Capital estimate targets projects in the economic, environmental,
social and general administration sectors, with massive infrastructural development in view.
The Chairman tasked Community leaders to monitor all projects cited in their respective communities, with a view to making contractors accountable.
He assured that his administration will be very prudent and stringent in the recurrent expenditure in order to maintain a critical balance between the Capital and the recurrent expenditure.
“This budget is designed to provide the basis of giving practical expression of our shared commitment to take Ovia South-West local government to the next level of transformation.
“For us, this is the beginning of a new dawn we believe will put Ovia South-West local government on a steady path to sustainable development, as well as ensuring that the dividends of democracy are spread to the books and crannies of the local government area”, he said.