Akeredolu presents N159bn 2021 budget
Ondo State Governor, Mr Rotimi Akeredolu, on Friday presented the budget proposal of N159 billion for 2021 fiscal year to the Ondo State House of Assembly, which was tagged “Budget of Hope.”
The 2021 budget was transmitted to the State House of Assembly for scrutiny by the Commissioner for Economic Planning and Budget, Emmanuel Igbasan, who represented the governor.
The budget which was about N8 billion higher than 2020 fiscal year which was N151 billion, the revised budget of 2020 fiscal year, which according to the Governor was said to have been 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.
In the budget, a total sum of N103 billion has been budgeted for recurrent expenditure, N56b for capital expenditure while over N13b was voted for debt services and N12 billion for statutory transfer.
Akeredolu noted that the year 2021 budget is meant to rekindle people’s hope in the face of very serious social, economic and difficult challenges, triggered by the COVID-19.
He added that the state had in the last three and a half years embarked on a number of initiatives which have earned the state special accolades.
He maintained that the year 2021 budget will consolidate on the previous achievements through aggressive revenue generation towards ensuring delivery of more democratic gains.
He disclosed that the Economic and Social Sectors have the highest allocation in the 2021 budget estimate, which Akeredolu said is borne out of a desire to stimulate the entire economy of the state, create jobs for the unemployed youth and provide for the less privileged in the society through the Social Inclusion Programme.
He said “This year’s budget is to be funded through statutory allocation, mineral derivation fund, value-added tax, internal revenue, grants, other capital receipts and financing.
Receiving the budget, the Speaker, Hon. Bamidele Oleyelogun commended Akeredolu for giving priority to all sectors in order to ensure all-round development in the state.
Oleyelogun assured that the lawmakers would do the needful for thorough and speedy passage of the proposed budget estimates into law.
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