Ondo state Governor, Rotimi Akeredolu has presented a budget of N190 billion for the 2019 fiscal year to the State House of Assembly for consideration and approval.
Budget of Advancement
According to Akeredolu, the bill which is tagged budget of advancement reflects on his administration’s commitment to working assiduously to fulfill his electoral promises to the people of Ondo state.
According to Akeredolu, the 2019 budget was prepared based on the projections of the 2019-2021 Medium-Term Expenditure Framework (MTEF).
“MTEF is a three-year planning document that shows the aggregate resources envelope available to our government and how the resources are allocated to meet the developmental agenda of government,” he said.
Breakdown of the budget
The Governor noted that the bill had a 4.74 per cent increase on the N171 billion estimate of 2018.
He disclosed that the bill is made up of N87.91 billion (46.30 per cent) capital expenditure and N82.18 billion (43.20 per cent) recurrent expenditure, among others.
Objectives of the Budget
Akeredolu put the objectives of the budget as; completion of ongoing programmes/projects, rapid economic development and transformation, sustained expansion of fiscal space and rejigging of the economy through strategic wealth creation for the productive sector
Others are enhancing accelerated rural development, promotion of functional education, ensuring technological growth and robust human capital investment initiatives and providing social security services.
Speaking further, Akeredolu said the state had also adopted an innovative and integrated approach to drive government revenue through technology and increase the internally generated revenue by at least 50 per cent.