Ondo releases breakdown of 2020 budget

The Ondo State Commissioner for Economic Planning and Budget, Mr Emmanuel Igbasan, has broken down the proposed 2020 budget, putting the total revenue at N79.69bn.

Igbasan who said that the total expenditure for the proposed budget stands at N82.70bn, with education taking the large chunk.

The commissioner who disclosed this to newsmen in Akure, on Wednesday, during the presentation of the approved budget by the State Assembly, said the budget christened Budget of Growth is designed to focus on the growth drivers of the economy in order to accelerate the pace of economic recovery and development.

He said the budget was designed to leap the economy of the state in all sectors and improve on the success of the present administration.

According to him, a total of N187.859 billion was budgeted to deliver the dividends of democracy to the people of the state.

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Analysing the sectoral breakdown, Igbasan explains that 48.37 per cent of the recurrent expenditure is allocated for Salary and wages, 16 per cent for Special programmes, grants and contributions are 10.19 per cent while overhead and social contributions and benefits it’s 5.7 and 15.60 per cent respectively.

“On the capital side, a total of N80.470bn or 42.84 per cent of the total budget was allocated to capital development. This is a deliberate attempt to consciously expand the fiscal space and rejig the economy.

“In all, N80.470 billion was budgeted for a capital project, N82.700 billion for recurrent expenditure, N10.508 billion for debt repayment and N14.180 billion for statutory transfer.”

In the sub-sector breakdown, 19.13 per cent is located to education, with infrastructural development and public finance having 17 per cent each.

He submitted that the budget will be fully implemented adding that in the 2020 fiscal year will serve as a compass to the future that the state seeks.

He maintained that “the policy of the present administration is to progress in job creation through agriculture, entrepreneurship and industrialisation.

“Massive infrastructure development and maintenance and provision of accessible and qualitative health care and social services delivery and rural development and community extension services.”

He assured that the budget would take care of the reticulation of the Owena dam to provide water for about 1.2m people of the central senatorial district while effort will be geared towards the construction of coastal road from Araromi Ilaje to Lekki in Lagos.

He said all ongoing projects in the state would be completed before the expiration of the Governor Rotimi Akeredolu’s administration next year.

The commissioner informed that the policy direction of the budget was informed by government’s interaction with the residents of the state, adding that the budget cuts across all areas of the state economy.

He said the policy bedrock of the budget rests on human capital development, economic revolution, infrastructural expansion, institutional reform and social welfare enhancement.

Other policy bedrock of the budget according to Igbasan are culture and tourism development, environmental sustainability and human welfare.

The commissioner noted that if the policy bedrocks are pursued with on common focus the state government will build a new society, create new jobs and a new era of prosperity for all people of the state.