Governor Rauf Aregbesola of Osun State yesterday submitted a N150.7 billion budget proposal to the House of Assembly.
The budget proposal was presented on his behalf by the Permanent Secretary, Budget and Economic Planning, Mr. Segun Olorunsogo.
The 2016 budget proposal is 25.3 per cent less than the 2015 budget of N201.7 billion.
The proposal had a recurrent expenditure of N82,744,396,580 representing 54.9 per cent and capital expenditure of N67,983,848,960.00, representing 45.1 per cent.
It also has the recurrent revenue of N113,185,677,170 and capital receipt of N37,542,568,370.00.
The governor’s letter to the House was read by Deputy Speaker, Akintunde Adegboye.
According to the letter, “The proposed budget reflected the economic realities of the state. The economic situation prevented the state from effective implementation of the 2015 budget”.
