Governor of Ondo State, Mr Oluwarotimi Akeredolu has presented a sum of one hundred and fifty-nine billion naira as budget proposal to the state Assembly for the 2021 fiscal year.
The Governor represented by the Commissioner for Economic Planning & Budget, Pastor Emmanuel Igbasan at presentation during plenary tagged “Budget of Hope”.
The 2021 budget proposal is eight billion naira higher than the one hundred and fifty one billion naira revised budget of 2020 fiscal year.
The budget according to the Governor was prepared on the projections of the 2021 to 2023 Medium-Term Expenditure Framework (MTEF) as required by Fiscal Responsibility Law passed by the state House of Assembly.
In the budget, a total sum of one hundred and three billion naira has been budgeted for recurrent expenditure and fifty six billion naira for capital expenditure while over thirteen billion naira was voted for debt services and twelve billion naira for statutory transfer.
Receiving the budget, the Speaker, Mr Bamidele Oleyelogun, commended Governor Akeredolu for giving priority to all sectors to ensure all-round development of the state.
Mr Oleyelogun gave aassurance that the lawmakers would do the needful for thorough and speedy passage of the proposed budget estimates into law.