By Bilesanmi Abayomi
Barr. Moyosore Ogunlewe, the Executive Chairman of Kosofe Local Government Area, presented an ambitious N4.15 billion proposed budget for the fiscal year 2024. The unveiling, which took place at the council legislative chamber in Kosofe Secretariat on Thursday, showcased the chairman’s commitment to implementing a people-oriented budget aimed at enhancing the lives of the residents.
A substantial portion of the proposed budget, amounting to N1.335 billion, has been earmarked for capital expenditure in the next fiscal year. Chairman Ogunlewe assured that these funds would be judiciously utilized to benefit the masses, focusing on the provision of crucial infrastructures and creating a conducive environment for business growth.
The breakdown of revenue sources revealed an Internally Generated Revenue (IGR) of N135.5 million, state Coordinated IGR at N60 million, Statutory Allocation from the Federation Account at N1.37 billion, and Value Added Tax (VAT) contributing N2.58 billion.
On the expenditure side, the allocations included N520.73 million for Personnel Cost for LG Staff, N560.98 million for Personnel Cost-LGEA Staff, N100 million for Political Office Holders, N1.15 billion for Operating Expenses (Overhead), N187.2 million for SSE (Recurrent), N240 million for SSE Capital, and N1.095 million for Other Capital Expenditure.
Chairman Ogunlewe emphasized his administration’s commitment to improving living standards through people-oriented policies aligned with the aspirations of the community. The 2024 budget, labeled “Budget of Public Growth and Development,” signifies a dedication to impactful projects that will benefit individuals, neighborhoods, and communities, fostering economic development and instilling hope among the populace.
The stated objectives of the budget encompass the eradication of poverty, wealth creation, maintaining a Recurrent/Capital ratio, emphasizing the maintenance/improvement of public assets, and achieving realistic growth in Internally Generated Revenue.
If passed by the legislative, the budget aims to create a conducive environment for private investors through Public-Private Partnership (PPP) initiatives and favorable investment climates. Chairman Ogunlewe stressed that improved managerial efficiency and reduced public spending were integral to the budget’s goals.
Having assumed office 29 months ago, Chairman Ogunlewe highlighted past achievements, including the acquisition of revenue buses and dispatch motorcycles, reconstruction of roads and drainage systems, and the construction of essential facilities like the Customary Court and Administration Office.
The proposed draft Budget for 2024 will now be considered by the Legislative House for timely passage into law. Hon. Idowu Oluloro, the Leader of the Kosofe Legislative Arm, assured a thorough examination of the estimates to meet the aspirations of the community, pledging a swift passage of the appropriation bill after careful scrutiny.