The governor of Ondo State, Rotimi Akeredolu, on Monday presented a budget estimate of N190 billion to the state House of Assembly for the 2019 financial year.
In his address, the governor said the 2019 budget estimates were deliberately structured to focus on the developmental agenda of his administration as encapsulated in the Strategic Development and Policy Implementation document, tagged, Blueprint to Progress.
The amount represents an increase of 4.74 per cent over the 2018 budget, which was N181.425 billion.
Its breakdown shows N82.2 billion will go to recurrent expenditure, while a N87.9 billion is earmarked for capital projects.
Further distribution of the funds indicated that N92 billion will go to the economy; social, N58.4 billion; law and justice, N3.2 billion; regional, N7.067 billion and administration, N28.8billion.
Allocations to sub-sectors include administration of justice, N3.25billion; agriculture, N9.8 billion; education, N34.8 billion; environment and sewage management, N2.6 billion; general administration, N20.1 billion; health, N15 billion; information, N1.6 billion; infrastructural development, N35.7 billion; legislative administration, N2.4 billion; public finance, N49 billion; regional development, N9.6 billion; social and community, N3.3 billion; and trade and industry, N2.7 billion.
Mr Akeredolu noted that the value of the recurrent allocation for 2019 is 43.2 per cent of the budget which is lower than the 48 per cent budget in the outgoing fyear.
He said this shows his administration’s deliberate decision to cut down the cost of governance in favour of capital development.
“To this end, a reasonable fund, though not enough to cater for all our capital needs, has been allocated for capital development in 2019,” he said.
“However, in view of the growing cost of governance, occasioned by our unwavering commitment to the payment of salary and pension, recurrent expenditure cannot be reduced beyond a certain level.
“The 2019 estimates has been appropriately tagged ‘Budget of Rapid Progress’, reflecting our resolve to work assiduously to deliver on our electoral promises to the good people of Ondo State, by fast-tracking the completion of all on-going projects and commence new developmental strides.”
He said the budget was the second major budget to be prepared by his administration, and it would “be to consolidate and build on the feats achieved in 2018”.
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