Akeredolu signs 2021 budget into law
Ondo State Governor, Rotimi Akeredolu, has signed into law the 2021 appropriation bill which passed the third reading on the floor of the state House of Assembly.
The 2021 approved budget signed by Akeredolu is over N174b, out of which N13.63b representing 7.8 percent is for debt Service; Ni2.24b representing 7.0 percent is for Statutory Transfers to OSOPADEC and the 10 percent Share of Independent Revenue to Joint Account and Allocation Committee (JAAC) of Local Governments in the state.
Akeredolu explained that the sum of N79.084b which represents 45.2 percent and N69.915 billion, which is 40.0 percent are for Recurrent Expenditure and Capital Expenditure respectively.
He noted that “a major principle about the Budget is the desire to creatively pull our economic ‘chestnut out of the fire”
“Thus, the 2021 Budget will reactivate our economic life through technical and technological education. In this regard, Education has been allocated 19.07% of the Budget, while 21.19% has been set aside with a view to ensuring that all ongoing infrastructural projects across the State are completed.
“We will use the 2021 budget to sustain the hopes of our people. In no distant time, the Commissioner for Economic Planning and Budget will make the details of the Budget available to the public.
“I will plead that we all acquaint ourselves with the Budget and position ourselves to run with the provisions as government would ensure its strict implementation.
The governor said “in the course of the year, our economy was confronted with the global COVID-19 Pandemic and domestic upheaval of #EndSARS protest. Both have adversely affected our national economy.
“We are now confronted with low price of crude oil arising from the vagaries of the international oil
market and reduced level of production both of which have invariably put our country into economic recession.
“This has resulted in consistent dwindling in national revenue and its attendant reduction in allocations from the nation’s Federation Account to all tiers of government.
“The gains we made in the last three years in our independent revenue which have been the stabilising force in our public spending is also now being gradually wiped off.
Despite all these, we have not lost hope.
“We have continued to update our strategies for strengthening our Internally Generated Revenue capacity without putting extra burden on the people.”
Recall that Akeredolu had two weeks ago presented the 2021 appropriation bill to the Ondo State House of Assembly, the lawmakers on Thursday, passed the sum of N174.8billion for the 2021 fiscal year.