As part of efforts to diversify and deepen the Ogun State's emerging economy, the Governor, Prince Dapo Abiodun has established the Ministries of Mineral Resources and Energy.

Governor Abiodun revealed this, while presenting the year 2024 Appropriation Bill to the Ogun State House of Assembly in Abeokuta, saying the new Ministries would oversee the general administration and operation of the natural resources abound in the state, as well as take advantage of the constitutional amendment that allows subnational governments participation in the energy sector.

The Governor added that talks were ongoing with interested investors to commence Oil exploration in Tongeji Island and Olokola in Ipokia and Ogun Waterside Local Government Area of the State, reassuring that the State would soon be accorded a frontier status and a member of the League of oil-producing States in the country.

 He affirmed that the 2024 Budget proposal was the fifth prepared by his administration, and it reflects the serious challenges currently facing the State, the key reforms necessary to address them, and imperatives to achieve higher, more inclusive, diversified, and sustainable growth.

The Governor further noted that his administration is aware that the 2024 Budget proposals would manifest issues and be very challenging, saying the administration would confront them headlong, towards overcoming them sustainably, acknowledging that the expenditure policy of the State government in 2024 had been designed to achieve the strategic objectives of the Ogun State Economic Development Plan and Strategy 2021 – 2025.

Abiodun disclosed that the 2024–2026 Medium Term Fiscal Framework (MTFF) had set out the parameters for the 2024 Appropriation Bill, while the administration under his watch would continue to improve on our Medium-Term Revenue Strategy (MTRS) to drive our Medium-Term Expenditure Framework (MTEF).

 Abiodun noted that the 2024 Appropriation Bill christened "Budget of Sustained Growth and Development" of a total State funding is estimated at N703,028,013,431.64 for the year 2024, and is targeted at sustaining the administration's quest for shared prosperity through the ISEYA mantra.

  "Our objective is to create an enabling environment for businesses and industries to thrive through friendly policies and provision of infrastructure, collaboration, fiscal prudence, and quality service delivery, increased Internally Generated Revenue (IGR), would also ensure the timely completion of all ongoing developmental projects through equitable and effective distribution and allocation of available resources.

 "In addition, the year 2024 budget is to maintain and enlarge our economic base while being strategic toward harnessing economic opportunities in the outer years of our administration", he submitted.