Ogun Finance Ministry Surpasses Budget by 188 Percent

Ogun Finance Minstry Surpasses Budget By 188 Percent

Ogun State Ministry of Finance has surpassed its 2018 Internally Generated Revenue Estimate as at October, 2018.

Defending the budgetary performance of the Ministry before the State House of Assembly Committee on Finance and Appropriation at the Assembly complex, Oke-Mosan, Abeokuta, the Commissioner for Finance, Mr. Adewale Oshinowo, informed that the Ministry proposed N600m as Internally Generated Revenue (IGR) for the year ending but had exceeded the budget as at October, with a total IGR of N942,309,228.54m representing 188.46 percent performance.

The commissioner noted that out of the N5.23bn proposed as recurrent expenditure for 2018, the Ministry has been able to draw N2.671bn representing 61.29 percent, just as it had expended N2.681bn on capital projects, including purchase of fixed assets, Motor Vehicles, Vans, Computer, Rehabilitation and repairs of office buildings, and purchase of electronic and electrical equipment among others.

Oshinowo however revealed that the Ministry has proposed N2bn as IGR for year 2019, assuring that with the financial re-engineering being put in place by the Ministry, not less than N1.5bn would have been raked in by July 2019.

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