February 2, 2016

Mimiko presents N118.9b budget estimate for 2016

Dayo Johnson Akure

Ondo State Governor Olusegun Mimiko on Tuesday presented ‎a budget estimate of N118.9billion for 2016 fiscal year to the state’s House of Assembly for approval.

At the presentation in Akure, Mimiko assures that ongoing projects will be completed before the expiration of his tenure in October while no new project would be embarked upon by his administration.

Of the total budget, recurrent expenditure is expected to gulp N68 billion while N31.08 billion will go for capital expenditure.

The governor noted that the budget was based on $38 per barrel based on average production of 2.200 barrel per day.

” It also based in on exchange rate of N197 to a dollar and inflation rate of 8.10percent.

Dr Mimiko said that the expected income from the federation account would still form the bulk of the revenue for the government despite the dwindling fortune of oil in the international market.