BY CHICHI OGODE
Oshimili South local government council has presented a budget proposal of N2.6billion for the 2018 fiscal year.
The Chairman of the Council, Hon Uche Osadebe, while presenting the budget proposal before the Legislative Arm of the Council for consideration, stated the budget was christened ‘Budget of Reality’ and represented an increase of N59 million from the 2017 budget.
Giving the budget breakdown, the Chairman said that a total N1, 656,898,664.30 would be devoted to recurrent expenditure while the sum of N1, 039,350,000.00 would be for capital expenditure.
According to him, the budget would be financed from sources such as the Federal Account Allocation Committee, Internally Generated Revenue, Non Oil Revenue, Statutory Transfer, Independent Revenue and Value Added Tax as well as Aids/Grants.
He explained that christening the budget a ‘Budget of Reality’, was borne out of the need to be practical with realities in with the present economic situation, noting that the revenue receipts from the Federal Account Allocation Committee (FAAC) and other sources in 2017 were far below expectation.
Explaining further, the Chairman revealed that the sum N1.6bn was budgeted to be received from FAAC in 2017 but the sum of N611m was received, which he said represented only 38 percent.
The Chairman thanked the Legislative Arm for their cooperation and pleaded for speedy consideration of the budget proposal.