From: Bamigbola Gbolagunte, Akure
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.”
The governor consequently listed the objectives for the 2018 budget to
include intensifying efforts on independent revenue initiatives,
massive infrastructural development, wealth creation through
empowerment of youths, artisans, farmers and market women; and
enhancing the community development through improved collaboration
with communities, among others.
On the revenue projection for the year 2018, Akeredolu said his
administration was mindful of the challenges posed by inadequate
revenue to accomplish the budget’s objective, but stated that he had
commissioned some consultants to complement the existing efforts on
revenue generation and collection.
He said: “The expected increase in the contribution of independent
revenue to total revenue cannot be achieved in a day and as such would
be gradual. Hence, revenue inflow from the Federation Account will
still contribute the larger portion of the total collectible revenue
for the state.”
The Speaker of the state House of Assembly, Hon. David Oleyelogun in
his remarks described the budget as life-touching.
He promised the governor that the House would give expeditious and
necessary approval, adding that the House would support efforts aimed
at implementing the budget for the benefit of the people of the state.