From left: Speaker, Ondo State House of Assembly, Mr Bamidele Oleyeloogun, receiving the 2022 Budget from Commissioner for Finance, Mr Wale Akinterinwa who represented Governor Oluwarotimi Akeredolu at the Assembly’s complex in Akure…yesterday Photo: Stephen Olajide|
Ondo State Governor Oluwarotimi Akeredolu yesterday presented a budget proposal of N 191.638 billion for the 2022 fiscal year to the state House of Assembly.
The budget, tagged ‘Budget of Economic Re -Engineering,” is slightly higher than the 2021 budget, of N 174.873 billion by 9.59 percent.
Represented by the state Commissioner for Finance, Mr Wale Akinterinwa, Akeredolu stated that recurrent expenditure is N 112.017 billion which represents an increase of 7.15 percent over the 2021 recurrent expenditure, while the capital expenditure estimates amounted to N79.621 billion.
While giving an overview of the budget estimate, the Governor said that his government will raise revenue from various sources.
He noted that the projections are predicated on the assumption contained in the 2022-2024 MTEF where indices like crude oil production and benchmark price, inflation rate, gross domestic products, among others had been reasonably and realistically determined
Giving a breakdown of the capital expenditure estimates on sectoral basis, the governor said the economic sector has the highest allocation with 54 percent.
According to him, the main objective of the year 2022 budget are to grow independent revenue, improve the state fiscal performance, consolidate on the development of infrastructure,empower youths, Artisans, farmers and market women.
He enumerated the objective to also include, sustaining peace being enjoyed in the state, create rural economy and enhance community development, improve health care delivery among others.
Reacting, the Speaker of the assembly, Bamidele Oleyelogun thanked the governor for successfully transmitting the budget.
Oloyelogun described the governor as a hallmark of good leadership that was committed to the development of the state, pledging that the assembly would do justice to the content of the budget.
The Speaker appreciated Akeredolu for his great achievements throughout the year 2021, despite the economy challenge in Nigeria at large.
Also, the Chairman House Committee on Finance and Appropriation, Sunday Olajide applauded the state government for the timely presentation of the budget as it would enable them to properly scrutinised the budget and also meet up with global target.
He affirmed that the imputs of various stakeholders in the state were well captured through various meetings held across the state towards the drive of the agenda.
He said that the year 2022 budget is basically for re -Engineering the economy of the state so as to bring people out of poverty through wealth creation.
Speaking with the State House of Assembly correspondents shortly after the presentation of the budget, the Permanent Secretary, State Ministry of Economic Planning and Budget, Mr Bunmi Alade explained that the ministry held various policy and strategic meetings to actualise the dream of the present administration, most especially the REDEEMED agenda.
He affirmed that the inputs of various stakeholders in the state were well captured through various meetings held across the state towards the drive of the agenda.
He said that the year 2022 budget is basically for re -Engeneering the economy of the state so as to bring people out of poverty through wealth creation.
Meanwhile, Infrastructural Development and educational sector have the highest share of the 2022 budget proposal presented by the governor yesterday with N45.345bn and N30.859b respectively.
Others are: Public Finance, N29.650bn, General Administration, N19.289bn, Health Services, N17.033bn, Debt Services, N13.872bn, Agriculture, N11.714bn , Regional Development, N4.992bn, Environmental and Sewage Management, N4.027bn, Community Development, N3.574b.
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