Ondo State Governor, Rotimi Akeredolu, on Friday, presented a budget proposal of N159.79bn to the state House of Assembly, for the year 2021.
The proposal, tagged “Budget of Hope” had N103.02billion as recurrent expenditure while capital expenditure will gulp a sum of N56.26billion.
Presenting the budget proposal to the Assembly, through the Commissioner for Budget and Economic Planning, Mr Emmanuel Igbasan, the governor said the year 2021 budget was meant to rekindle people’s hope in the face of very serious social, economic challenges, triggered by the COVID-19 pandemic.
He said, “The state has in the last three and a half years embarked on a number of initiatives which have earned her special accolades. The Year 2021 Budget, would consolidate on the previous achievements through aggressive revenue generation towards ensuring delivery of more democratic gains.”
According to the proposal, the economic and social sectors have the highest allocation of N32.4 billion in the capital expenditure of the 2021 Budget estimate.
The governor noted that the 2021 Budget, would be funded through Statutory Allocation, Mineral Derivation fund, Value Added Tax, internal revenue, grants, other capital receipts and financing.
In his remarks, the Speaker of the House, Mr Bamidele, Oleyeloogun said the year 2021 ‘Budget of Hope’, would impact immensely on the lives of the citizenry.
He further stated that the budget would offer another opportunity to examine the fundamental linkages between “our past as a people, the issues that occupy our present concerns as well as the vision, hopes and aspirations for the future of our state.”
The speaker pledged that the fiscal document would be given the desired and adequate legislative attention.
The Chairman House Committee on Finance and Appropriation, Mr Sunday Olajide commended the governor for his timely transmission of the budget, saying the budget document would be given accelerated treatment.