By Dayo Johnson
Akure—GOVERNOR Rotimi Akeredolu of Ondo State, at the weekend, presented an Appropriation bill of N171.2 billion to the state House of Assembly.
The budget tagged ‘Budget of Progress’ according to the governor “is designed to achieve stability, sustainability and to create the base for development.”
Recurrent expenditure stood at N81.5 billion while N68.096 billion is earmarked for capital expenditure.
The sectoral breakdown of the 2018 budget is Economic N77.671 billion which is 45.35 percent, Social N52.894 billion, Law & Justice N3.389 billion, Regional N6.125 billion and Administration N31.099 billion.
Akeredolu said the budget reflects the collective aspiration of the people of the state, after having consulted widely with a view to incorporating the input of all stakeholders.
He said: “The 2018 budget is designed to achieve stability, fiscal reprioritization and consolidation to create the base for sustainable growth and development. It is focused on reversing the growth of debt, unsustainable deficits and the burden of interest payments which is almost unsustainable.”
“The 2018 budget estimates will focus on rebuilding the state’s economy through prioritized investment on infrastructural facility and agriculture-related activities.”
The governor listed the objectives for the 2018 budget to include intensifying efforts on independent revenue initiatives, massive infrastructural development, wealth creation through empowerment of youths, artisans, farmers and market women; and enhancing the community development through improved collaboration with communities, among others.