Ondo State governor, Rotimi Akeredolu, yesterday presented a total sum of N190.023 billion budget for the 2019 fiscal year to the State House of Assembly.
LEADERSHIP observed that the proposed 2019 budget – N190. 023 billion exceeded that of 2018 fiscal year – N171 billion with N19 billion in calculation.
In the 2019 budget, Mr Akeredolu earmarked N82.179 billion for recurrent expenditure representing 43.2 percent and N87.906 for capital expenditure representing 46.3 per cent.
According to the governor, who tagged the proposed budget as “Budget of Advancement”, the budget has been prepared based on the projections of the 2019-2021 Medium-Term Expenditure Framework (MTEF).
“Mr Speaker, MTEF is one of the statutory provisions of the Ondo State Fiscal Responsibility Law (FRL) which this Honourable House passed in 2017.
“The Law makes it mandatory that every yearly budget must be prepared on the basis of the next three years projections of MTEF. Consequently, 2019 Budget is an offshoot of the 2019-2021 MTEF.
“We have used the 2018 fiscal year to lay the foundation of the economic trajectory designed for the state. Most of the programmes and projects will crystalize in the 2019 Fiscal year.
“In the same vein, most of the major MOUs orchestrated through ONDIPA, inclusive of the Deep Sea Port are expected to fully blossom in 2019. It is in view of this that the 2019 budget has been aptly tagged “the Budget of Advancement.”
He affirmed that the budget presentation which is the second since he assumed office in February 2017, captured the essence of his administration’s blueprint.
Receiving the Appropritation bill, the Speaker of the Ondo State House of Assembly, Rt. Hon. Bamidele Oleyelogun assured of the governor of the assembly’s commitment to diligently scrutinise.
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