Ogun State's Governor explains on the N345.4bn budget

Ogun State's Governor, Ibikunle Amosun, recently presented a budget of 345.4 billion naira to the state's parliament, outlining a key focus on infrastructure development and economic growth. In an exclusive interview with CNBC Africa, Governor Amosun highlighted the progress made in the state over the past year and provided insights into the state's outlook for 2018. Governor Amosun emphasized the importance of infrastructure in driving development, stating that infrastructure is crucial for economic growth, pride, security, and environmental sustainability. He reiterated the state's commitment to ongoing infrastructure projects, with a particular focus on enhancing the quality of life for residents and attracting investment. Currently, Ogun State hosts approximately 146 companies with investments totaling around $2 billion, establishing the state as an industrial hub in Nigeria. With regards to the 2018 budget, Governor Amosun revealed that a significant portion, approximately 60 to 65%, would be allocated to capital projects. He reiterated the importance of maintaining the momentum of infrastructure development to continue attracting both local and multinational companies to the state. The governor highlighted key priority projects for 2018, including road infrastructure improvements, mass transit initiatives, airport expansion, housing development, water supply enhancement, and power generation. In terms of funding, Governor Amosun outlined a strategy that combines internally generated revenue with support from development partners. He mentioned that the state's revenue collection has been impressive, with monthly earnings ranging from six to seven billion naira. Additionally, the World Bank recently approved a $350 million loan to support Ogun State's development projects, demonstrating international confidence in the state's economic direction. On the issue of taxation, Governor Amosun stressed the importance of increasing tax compliance and revenue generation. He highlighted efforts to enforce tax laws and ensure that residents and businesses in the state fulfill their tax obligations. The governor noted that Ogun State aims to reduce dependence on federal allocations and boost internal revenue generation, with the goal of achieving self-sustainability. In conclusion, Governor Amosun's presentation of the 345.4 billion naira budget reflects a strategic focus on infrastructure development, economic growth, and sustainable revenue generation in Ogun State. With a clear roadmap for 2018, the state is poised to continue its trajectory of progress and prosperity under Governor Amosun's leadership.