Ogun Govt.Votes N28.4 Bn For Debt Servicing In 2021 Fiscal Year - EDU-BIZNEWS


Thursday, December 3, 2020

Ogun Govt.Votes N28.4 Bn For Debt Servicing In 2021 Fiscal Year

     Central Bank , Abeokuta branch

Ogun State Government has voted N28.4 billion in demonstration of  its  committment to meeting its debt service obligations in 2021fiscal year.

 Governor Dapo Abiodun who made this known on Wednesday during  his presentation of the year 2021 appropriation bill to the State House of Assembly, at the Assembly Complex in Abeokuta, said that a sum of N12billion would be provided by his administration to the Stabilisation Fund, with the aim of insulating and positioning the State towards unprecedented activities or economic shocks to ensure growth recovery and Capital Expenditure of the State.

Abiodun explained that his administration voted such amount to service the state's debt obligations in order to attract capital Investment into its economy.

His words"We remain committed to meeting our debt service obligations, specifically to attract capital investment into the State economy. Hence, we have made provision for the sum of N28.4 billion for debt servicing in 2021, representing an increase of N 13billion from N15.7billion in 2020, a total sum of N12billion is provided for transfers to the Stabilisation Fund to insulate and position the State, towards unprecedented activities or economic shocks towards our growth recovery," 

The governor also said that his administration would be making available the sum of N155billion for physical capital projects in 2021.

He added that the capital projects when embarked upon and eventually finished would create an enabling environment for investment, create employment and trigger redistribution of resources.

The  provision of the fund according to him, would assist the  economy of the state to grow rapidly.

 Abiodun re-assured that his administration remained focused on the completion of as many on-going projects as possible, as well as the commissioning of new ones.

He further disclosed that his administration has enacted the Private Public Partnership (PPP) law, which he said would help to provide the regulatory framework as well as facilitate private sector investments in the development of infrastructure.

According to the governor, the highlight of the 2021 Proposals in line with ISEYA and Functional Classification in the 2021 budget are: Infrastructure: N61b, Social welfare and wellbeing (Health, Housing, Environment, Physical Planning, Women Affairs,): N93b, Education: N58b, Youth empowerment: N6b, Agriculture: N15b and Enablers (which include statewide services, general public service, public debt charges, stabilisation fund, judiciary, legislature, pensions and gratuities) N106b.

Abiodun  also reiterated that the main thrust of the capital spending programme of his administration in 2021 would be the completion of on-going and new projects across the State

He added that his administration had prioritised projects that could be rapidly completed to benefit the people.


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