Ondo State Governor, Arakunrin Oluwarotimi Akeredolu has presented a budget proposal of N177 billion for the 2020 fiscal year to the Ondo State House of Assembly.
The budget tagged “Budget of Growth” was presented at the plenary of the state legislature by the Commissioner for Economic Planning and Budget, Emmanuel Igbasan, who represented the governor at the occasion.
According to Akeredolu, the budget estimate is a reflection of his administration’s commitment to deliver on its electoral promises to the people of the state.
He said the proposed budget was reduced by 138billion, compared with 2019 which stood at N190 billion.
“A total sum of N82 billion has been budgeted for recurrent expenditure and a sum of N74 billion for capital expenditure. Over N10 billion was also voted for debt services and N11billion for statutory transfer.
“In January this year, this Honourable House passed the 2019 budget of N193.903 billion into Law. On the expenditure side, N10.369 billion, representing 5.3% was budgeted for Debt Service; N9.568 billion, representing 4.9% was Statutory Transfers to OSOPADEC, and the 10% share of Independent Revenue to Joint Account and Allocation Committee (JAAC) of Local Governments in the State.
“Also the sums of N83.852 billion and N90.113 billion, representing 43.2% and 46.5% were for Recurrent Expenditure and Capital Development respectively.
“As at the end of the Third Quarter in 2019, revenue from all sources stood at N91.706 billion as against the sum of N145.427 billion that should have been recorded at that period. This gave a revenue performance of 63.06% and a shortfall in absolute figure of about N53.721 billion,” he said.
The governor also disclosed that his administration had taken significant steps to attract investors to the state as he also assured that other frontiers are being opened up for the growth of the state.
“In our determination to achieve the revolution in Ondo State, we have now established an industrial park, called Ondo Linyi Industrial Park, situated at Ore. The park is an offshoot of Linyi Municipal Government of Shandong in China where we signed a Memorandum of Understanding (MoU).
” As we speak, a paper miii, a textile company, an ethanol plant, a medium-density fibre board, a high-density fibre board, plywood factories and a host of other agricultural products based companies have commenced production,” he said.
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