Kosofe LG Chair Presents N3.87b Budget Estimate To Council Legislators For 2024 Fiscal Year

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~ Projects Revenue Generation at N4.15b
The Executive Chairman of Kosofe Local Government, Barrister Moyosore Ogunlewe, has presented a budget proposal of N3.87 billion to the legislative arm of the council for the 2024 fiscal year.

The budget which was themed, "Budget of Public Growth and Development" was presented to the Legislators on Thursday at the Asiwaju Bola Ahmed Tinubu legislative chamber where it is expected to undergo scrutiny and deliberation for final approval.
During the presentation, Barrister Ogunlewe disclosed that the proposed budget will seek to eradicate poverty and create wealth, maintain Recurrent/Capital ratio, ensures proper maintenance of public assets, shore up the Internally Generated Revenue of the council, create a conducive environment for private investors through PPP initiatives and investment climates, improve managerial efficiency to reduce public spending, and efficient mobilisation of resources towards the development of the Local Government Area.

Giving the breakdown of the proposed expenditure, the council helmsman explained that the Personnel Cost- LG Staff and Personnel Cost- LGEA Staff will gulp N520,733,629.45 and 560,979,424.64 respectively. While the emolument of Political Office Holders stands at N100,000,000.00 and a sum of N1,159,874,115.82 is earmarked for Operating Expenses(Overhead).
He further disclosed the appropriation of N187,200,000.00 and N240,000,000.00 for SSE (Recurrent) and SSE Capital) respectively while Other Capital Expenditure is expected to gulp N1,095,000,000.00.

To finance the proposed expenditure of N3.87b, Barrister Ogunlewe explained that the Local Government is projected to generate revenue of a total sum of N4.15b for the fiscal year. Which amount to a budget surplus of N.27m.
According to the breakdown of proposed revenue generation, the Local Government is projected to earn Internally Generated Revenue (IGR) of N 135, 500,000.00, State Coordinated IGR of N60,000, 000, 00, Statutory Allocation from the Federation Account of N 1, 368,613,470.38 and Value Added Tax (VAT) of N 2,581,008,787.21 in 2024 fiscal year.

The council boss while soliciting the cooperation and support of the legislative members, Council workers, and members of the public towards realizing the revenue objective of his administration, reaffirmed his commitment to infrastructure development of Kosofe Local Government.

He noted that since his administration came into power over two years ago, it had been able to embark on laudable development projects and programmes that had positively impacted the lives of the people of Kosofe Local Government.

Barrister Ogunlewe highlighted the achievement of his administration to include the reconstruction of 16 Roads and 10 drainage systems, construction of the Customary Court and NULGE Administration Office among several others.

The Leader of Kosofe Local Government Legislative Chamber, Hon. Idowu Oluloro while receiving the budget proposal from the Chairman, assured of the swift passage of the budget into appropriation law after proper scrutiny and deliberation by the legislators. 

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