Ondo State Governor, Oluwarotimi Akeredolu has presented a sum of one hundred and fifty nine billion naira as budget proposal to the state House of Assembly for the 2021 fiscal year.
The Governor, represented by the Commissioner for Economic Planning & Budget, Pastor Emmanuel Igbasan presented the 2021 estimate tagged: “budget of hope” to the House during plenary on Friday.
The 2021 budget proposal is eight billion naira higher than the revised budget of 2020 fiscal year which stood at one hundred and fifty one billion naira.
Governor Akeredolu said the budget 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.
Details of the budget indicated that a total sum of one hundred and three billion naira has been projected for recurrent expenditure and fifty six billion naira for capital expenditure, while over thirteen billion naira was earmarked for debt services and twelve billion naira for statutory transfer.
Receiving the budget, Speaker of the House, Mr Bamidele Oleyelogun, commended Governor Akeredolu for giving priority to all sectors in order to ensure all-round development of the state.
He promised that the House will do a thorough job on the budget and give it accelerated passage.