ONDO PRESENTS #171 BILLION BUDGET FOR 2018
The Ondo State Governor, Arakunrin . Oluwarotimi Akeredolu (SAN) ,Friday presented a total sum of N171 billion as the state budget for the 2018 fiscal year before the state House of Assembly.
The sum of #81.521billiion was earmarked for recurrent expenditure out of the total sum of #171 budget, and N68.096 for capital expenditure.
The Governor posits that the budget reflects the collective aspiration of the people of the state, after having consulted widely with a view to incorporating the input of all stakeholders.
The budget, is the first since he assumed office in February 2017as Governor of the state. Akeredolu noted that the budget captured the essence of his administration’s blueprint.
He added that the document was christened “Budget of Progress” in order to achieve the programmes contained in his administration’s Strategic Development and Policy Implementation.
According to him, his administration will pursue activities targeted at encouraging productivities and creation of real opportunity for the people in the next fiscal year.
The Governor, therefore, asked the state Assembly to give the budget realistic scrutiny before approval, as he praised the House for passing into law all the Public Financial Management law which had been pending before the House for six years.
He said: “The 2018 budget is designed to achieve stability, fiscal reprioritization and consolidation to create the base for sustainable growth and development".
“It is focused on reversing the growth of debt, unsustainable deficits and the burden of interest payments which is almost unsustainable. The 2018 budget estimates will focus on rebuilding the state’s economy through prioritized investment on infrastructural facility and agriculture-related activities.”
The governor consequently listed the objectives for the 2018 budget to include intensifying efforts on independent revenue initiatives, massive infrastructural development, wealth creation through empowerment of youths, artisans, farmers and market women; and enhancing the community development through improved collaboration with communities, among others.
On the revenue projection for the 2018, Akeredolu said his administration was mindful of the challenges posed by inadequate revenue to accomplish the budget’s objective, but stated that he had commissioned some consultants to complement the existing efforts on revenue generation and collection, inorder to boost the revenue based of the state .
Noting that the expected increase in the contribution of independent revenue to total revenue cannot be achieved in a day and as such would be gradual. Hence, revenue inflow from the Federation Account will still contribute the larger portion of the total collectible revenue for the state.
The Speaker of the state House of Assembly, Rt. Hon. David Oleyelogun, while accepting the budget onbrhalf of the House, described the budget as life-touching document. Promising the Governor that the House would give expeditious and necessary approval on the budget ,adding that the House would support efforts aimed at implementing the budget for the benefit of the people of the state in all spheres of endeavour.
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