The Commissioner for Finance in the western Nigerian state of Ogun, Mrs Kemi Adeosun, said on Friday that the debt profile of the state has been reduced from N87 billion to N63 billion.
Adeosun made this known in Abeokuta while defending the ministry’s 2013 budget at the state House of Assembly.
She said further that the present administration actually inherited N51.4 billion and not N49 billion debts.
The commissioner said that the Daniel administration incurred additional liabilities which the present government had also inherited, adding that these liabilities increased the debt profile of the state.
On the N300 million ecological funds given to the state, she said the money was inherited from the last administration and it was still intact in the coffers of the ministry.
“It will be released to the ministry of environment in due course,” she said, adding that the ministry planned to generate N10 million as revenue in 2013.
She added that N5.1 billion had been earmarked as total expenditure while N1.6 billion was set aside for capital projects.
Defending the budget of the Board of Internal Revenue, its Chairman, Mr Babajide Odubanjo, said N2.5 billion had been set aside for total expenditure.
“The board plans to generate N3.1 billion in 2013 while recurrent expenditure is going to be N1.6 billion,” he said.