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Chairman of Ovia South-West Local Government Council, Destiny Enabulele, has presented the 2018 budget estimates of N3.286.291.144.50 billion to the legislative arm of the council for approval.
The budget christened, “Budget of Total Transformation,” has the sum of N1,900,264,317,12 billion, representing 57.8 percent for recurrent expenditure, and N1.386,026,827,38 billion, representing 42.2 percent for capital expenditure.
Enabulele said the budget would be financed from statutory allocation of N2.5 billion, the sum of N189,101,144,50 million from internally generated revenue, N557 million from Excess Crude Fund and N40.190 million from grants and donations.
The council boss said the sum of N686,542,317,12 million was earmarked for personnel cost, N206,082 million for overhead cost and N997,640 million for consolidated revenue fund charges.
The chairman also gave the sectoral breakdown of the budget to include N381,242,985.11 million for economic sector, N349,225,774.09 million for social sector, N338,223,664.09 million for environmental sector, and N317,334,564.09 million for general administration.
The budget is designed to provide the basic infrastructure, giving the administration’s practical expression and shared commitment to take the council to the next level of transformation, he said.
“For us, this is the beginning of a new dawn we believe will put Ovia South-West Local Government on a steady path to sustainable development, as well as ensuring that the dividends of democracy are spread to the nooks and crannies of the local government area,” he said.
He, however, assured that his administration would be very prudent and stringent in the recurrent expenditure in order to maintain a critical balance between the capital and the recurrent.
He also charged community leaders to monitor all projects cited in their respective communities, with a view to making contractors accountable.
