Ondo State Governor, Oluwarotimi Akeredolu, on Monday presented a budget estimate of N190.2b to the 23 members of the state House of Assembly out of 26 for approval and passage with economic sector having the lion share of N92.46b.
In the budget proposal christened: โBudget of Advancementโ, N87b was estimated for capital expenditure, while N82b was for recurrent expenditure.
Debt payment is expected to gulp N10.4b.
The Governor who highlighted the achievements of his administration in 2018, pledged the determination of the state government to ensure that the 2019 budget is fully implemented.
According to Akeredolu, the general welfare of the people of the state was considered in preparing the budget.
The breakdown of the budget, according to the governor is economic sector N92.46b, social sector,N58.41b and regional sector with N7.1b
He added that Administration sector is expected to take N28.83, while law and justice have N3.25b of the budget.
Akeredolu said the 2019 budget was prepared based on the projections of the 2019-2021 medium-term expenditure framework, stressing that MTEF is one of the statutory provisions of the state Fiscal Responsibility Law (FRL) which the Assembly passed in 2017.
He said the 2019 budget is the second major budget to be prepares by theme present administration with a view to consolidate and build on feats achieved in 2018.
The governor disclosed that the bitumen exploitation would kick off this year in the state, stressing that the MoU had been signed with all relevant stakeholders.
Akeredolu assured that his administration would place great emphasis on capital projects in the next fiscal year for the benefit of the people.
This, he said would attract investors, stressing that the state has a lot of values if properly developed.
The Governor, said the state was blessed with abundant mineral resources, which would provide more jobs for the teeming youths in the state.
Akeredolu, however declared that all the States owned moribund industries were dead and could no longer be revived by the present administration.
He said the state would make use of the coast line located in the state, which according to him is the longest in the country to drive investors to the state.
The speaker of the State House of Assembly, Bamidele Oloyelogun lauded the efforts of Governor Akeredolu at developing the state
He pointed out that since the assumption of office of the present administration; the state has witnessed unprecedented development.
The Speaker assured that the House would give urgent attention to the budget estimate and do the needful in no distant time.
Oloyelogun said the cordial and harmonious relationship existing between the executive and legislative arms of government was as a result of the efforts of Akeredolu and his respect for the rule of law.
