Princess Samiat Abolanle Bada the Mayoress of Ikosi-Isheri LCDA Presented a budget with the total expenditure of N4,130,140,170.09 “Four billion, one hundred and thirty million, one hundred and forty thousand, one hundred and seventy Naira and nine kobo.” which is themed “Budget of Optimization for sustainable development” to the Legislative Arm of Ikosi-Isheri LCDA earlier today.

Princess Samiat Abolanle Bada, the Mayoress of Ikosi-Isheri LCDA, in her address to the Leader of the House, councilors, members of the executives, supervisors, special advisers, management teams, and community stakeholders. She warmly welcomed everyone to the important occasion of the 2023 budget presentation, which is centered around the theme of “Budget of Optimization for Sustainable Development.”

During her address, she emphasized the significance of unity and collaboration in achieving shared aspirations. Princess Samiat acknowledged the vital roles played by each individual in steering the progress of Ikosi-Isheri. She expressed gratitude to the Leader of the House and councilors for their invaluable guidance in shaping the legislative framework that supports the vision of the LCDA.

The Princess also recognized the expertise and commitment of the executives, supervisors, and special advisers, highlighting their integral role in the effective implementation of policies. She expressed special appreciation for the dedicated management teams, whose diligence ensures the efficient execution of projects outlined in the budget.

Lastly, Princess Samiat emphasized the importance of the involvement and insights of the community stakeholders. She acknowledged that their participation is vital in ensuring that the development initiatives align with the genuine needs of the people served by the LCDA.

Mayoress implored the residents of Ikosi-Isheri LCDA to make their revenue payments. Emphasizing the importance of these payments, she assured that the funds will be used judiciously for various projects aimed at enhancing the development and well-being of Ikosi-Isheri LCDA.

Mayoress read breakdown of the proposed Year 2024 Budget during the session with the Legislative Arm. The total expenditure for the budget is N4,130,140,170.09.

On the revenue side, the budget includes N1,421,354,706.43 from Federal Allocation, N2,541,235,463.66 from Value Added Tax (VAT), N108,550,000.00 from Internally Generated Revenue (IGR), and N59,000,000.00 from State Coordinated Revenue.

Moving on to the expenditure side, the budget allocates N520,733,629.45 for Local Government Staff Salary, N497,560,015.60 for Teachers Salary, and N158,710,139.15 for Political Office Holder Allowances. Additionally, N284,722,024.32 is set aside for Total Pension Cost.

The budget also includes N886,700,000.00 for Overhead Costs, N314,000,000.00 for Social Service Expenditure (Recurrent), Capital Expenditure N1,432,714,361.57, N35,000,000.00 has been allocated for Social Service Expenditure (Capital)

Personnel costs make up a significant portion, With a total of N1,461,725,808.52, the personnel costs represent 35% of the overall budget.

Furthermore, the budget also includes overhead costs, which amount to N1,200,700,000.00. These costs, accounting for 29% of the total budget.

Lastly, the capital expenditure for Ikosi Isheri LCDA has been set at N1,467,714,361.57, representing 36% of the budget.

Hon. Salami Yunusa Kolawole, the Leader of the Council Ikosi Isheri LCDA, expressed his joy and gratitude following the presentation of the 2024 Budget by Princess Samiat Abolanle Bada, the Executive Chairman.

Hon. Salami emphasized the significance of the budget presentation as a platform for exchanging ideas and meeting the needs of the people.

Hon. Salami highlighted the progress and transformation witnessed under the current administration and assured of the Legislative House’s unwavering support for the swift passage of the bill. He reiterated the commitment to working collaboratively with other arms of government.

Hon. Yinusa, said the chamber’s resolute mandate to provide necessary support and cooperation to all arms of government and stakeholders.

Hon. Yinusa further assured that the Legislative House, through effective oversight functions, will ensure that the upcoming 2024 budget delivers on its promises.

Highlighting the importance of teamwork, Hon. Yinusa appealed to the Executive Arm to view the three arms of government as partners working together to serve the interests of the people.

The Executive Chairman, members of the Executive, and the entire team were congratulated on their successful budget presentation. Hon. Yinusa expressed confidence in the continued cooperation between the Legislative House and the Executive, assuring that this shared mandate will result in a better society for all.