Governor Rotimi Akeredolu (SAN) of Ondo State, on Friday, presented a total sum of N171 billion budget of the state for the 2018 fiscal year to the state House of Assembly.
Of the N171 billion estimate, Akeredolu earmarked N81.521 billion for recurrent expenditure and N68.096 for capital expenditure.
He said the budget reflects the collective aspiration of the people of the state, after having consulted widely with a view to incorporating the input of all stakeholders.
The first since he assumed office in February 2017, Akeredolu said the
budget captured the essence of his administration’s blueprint.
He added that the budget christened “Budget of Progress” was prepared in order to achieve the programmes contained in his administration’s Strategic Development and Policy Implementation.
The Governor stated that his administration will pursue activities targeted at encouraging productivities and creation of real opportunity for the people in the next fiscal year.
“Our sustained efforts will create wealth for our people,” Akeredolu said.
The governor, therefore, asked the state House of Assembly to give the budget realistic scrutiny before approval, as he praised the House for passing into law all the Public Financial Management law which had been pending before the House for six years.
He said: “The 2018 budget is designed to achieve stability, fiscal reprioritization and consolidation to create the base for sustainable growth and development.
“It is focused on reversing the growth of debt, unsustainable deficits and the burden of interest payments which is almost unsustainable.
“The 2018 budget estimates will focus on rebuilding the state’s economy through prioritized investment on infrastructural facility and agriculture-related activities.”