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The State Of Osun House of Assembly has approved the 2022–2024 Medium Term Expenditure Framework (MTEF).
Recall that the the Term, Expenditure Framework, which contains the Economic and Fiscal Update (EFU), Fiscal Strategy Paper (FSP) and Budget Policy Statement (BPS) had earlier been forwarded by the State Executive Council to the house for approval.
The chairman Committee on Finance and Appropriations, Bayo Olodo, while presenting the report during the Plenary of the House of Assembly, on Wednesday stated that the house had amended some parts of the Framework.
Olodo said that the State of Osun Omoluabi Conservation Fund Law, 2012, mentioned in paragraph 14(e), page 8 of the Document, had been repealed in the year 2016.
He asked the State Internal Revenue Service to double their efforts to improve the State debt sustainability plan.
The committee also recommended that the State Internal Revenue Service should implement a working plan in growing the State tax base by improving on revenue generation.
The year 2022 Proposed Budget size has been forecast at N 102,107,287.073 (comprising Recurrent and Capital Expenditure of N 75,342,342,133 and N 26,368,455,528 respectively) while the budget policy thrust is predicated on the five goals of the State Development Plan.
According to the document, the 2022 budget will achieve inclusive, sustainable economic growth with full and productive employment that ensures a high standard of living for all residents of the State.
The document reads, “achieve diversified and enhanced revenue base by providing an enabling business environment which will attract and retain investors and expand existing businesses, achieve a world class State infrastructure system that attracts investors, facilitates economic growth and supports the State’s priority needs.
“Ensure qualitative and functional education and healthy living in a safe and secure egalitarian society through people-oriented development; and ensure that cities and human settlements are safe, resilient and sustainable while also conserving the ecosystem.”
Meanwhile, in a resolution, the speaker of the House, Hon.Timothy Owoeye has summoned the Osun Internal Revenue Service (OIRS) to furnish the House with details of revenue generation for the past six months on or before Tuesday next week.