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Oyo state to float N30bn bond to finance budget

01 May 2013, 11:18

Ibadan - The Oyo State Government is to float a N30 billion bond for the implementation of the 2013 budget, the Commissioner for Budget and Planning, Olaniyi Olarinde, said on Tuesday.

Olarinde gave the information during a breakdown of the budget in Ibadan.

He said that the 2012 budget could not achieve more than 70 per cent performance because the government could not obtain a N50 billion bond expected to form part of the estimate.

Olarinde also said the state government would require additional N2.9 billion external loan and N4 billion internal loan to finance the budget.

The News Agency of Nigeria (NAN) recalls that the state House of Assembly had on March 19 approved the budget with more than N5 billion addition to the  N152. 15 billion presented to it by Gov. Abiola Ajimobi in January.

Olarinde said that the budget of N159.6 billion was made up of N111.5 billion recurrent vote and N48.58 billion capital expenditure.

He said N49.3 billion or 15 per cent allocated to the Ministry of Education was the highest, while the Office of the Governor got  N12.9 billion or 8.14 per cent.

The Ministry of Works and Transport has N10.6 billion or 6.66 per cent of the budget, the commissioner said.

He, however, expressed disappointment that the allocation from the Federation Account still formed 31 per cent of the state budget.

He said the non-payment of taxes by the citizens was negatively affecting Internally Generated Revenue (IGR) in the state.

Olarinde said that the government had spread its tax net to the area of property tax to beef up the IGR.

He urged all eligible tax payers, including corporate organisations, to cooperate with the government by paying their taxes to accelerate development.


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