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Ondo Assembly passes 2010 budget

By Dayo Johnson
LAWMAKERS in Ondo State yesterday passed into law this year’s budget of N124.371 billion after jerking it up by N6 billion.

Governor Olusegun Mimiko had proposed a budget of N118.8 billion christened “Caring Heart budget” .

The Speaker of the House, Mr Taofeek Abdsulalam, who announced the passage of the budget, explained that the amount was increased “because of the conviction by the House that the increment will positively affect the lives of the citizen”.

He noted that the addition will be spent on the execution of capital projects.

The Speaker however, clarified that it was not the House that single handedly initiated the addition against the insinuations from some quarters

The budget made a provision of N43.454 billion for recurrent, while N80.917 billion was for capital expenditure.

Its passage yesterday was sequel to the presentation of the report of the House Committee on Finance and Appropriation by its chairman, Mr. Samuel Adesina.

Adesina said after much scrutiny, the committee discovered that the budget which was presented by the governor was not enough to bring better development to the state.

The Chairman said the committee therefore, increased the figure from N118.8 billion to N124.371billion “to take care of very important capital projects that could alleviate the poverty of the people of the state”.

Contributing, the Deputy Speaker, Mr. Mayowa Akinfolarin pointed out that if properly implemented, the budget was capable of bringing development to the state, as the lawmakers had decided to be on the side of the people.

The Speaker, also said “with the passage of the budget, the executive arm would not have further excuse and complaints that the lawmakers were preventing it from performing.

Abdusaalam added that the assembly, through its various committees would ensure proper monitoring of the budget to ensure that it is implemented as passed.

Meanwhile, the Chief Press Secretary to the governor, Mr. Kolawole Olabisi in a statement in Akure said Dr Mimiko will sign the document to law today.

Dr Mimiko had pointed out that N42.885bn would be expended on recurrent expenditure while N75.989bn would be spent on capital projects.

He said the budget was prepared based on $57 per barrel, inflationary rate11.2 percent and Gross Domestic Product of 6.1 percent.

According to him, the budget would be used to execute projects that are deliverable and which will create legacies and have positive impact on the majority of people.

Dr Mimiko explained that a project management model will be adopted in the management of every star project.

He said N26bn was expected from the statutory allocation, N6.9 from Internally Generated Revenue and N5billion from Value Added Tax.

Others sources of funding being expected by the state according to Mimiko, included N35bn as roll over from 2009 budget, N20bn from mineral derivation fund, and N3bn as credit from development partners.


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