By Dayo Johnson

A budget of N190.023 billion for the 2019 fiscal year was yesterday presented to the Ondo State House of Assembly by Governor Rotimi Akeredolu representing an increase of 4.74% above the N181.425 billion in 2018 appropriation bill.

Ondo State governor, Rotimi Akeredolu

Akeredolu, while presenting the budget codenamed “budget of advancement” said N82.179 billion or 43.2% was budgeted for Recurrent Expenditure as against the 48.87% recorded in the 2018 fiscal year while an upward leap of N87.906 billion was proposed  for capital expenditure.

The governor said: “Our revenue projections are based on some macro-economic assumptions as contained in the 2019-2021 MTEF of both Ondo State and Federal Government.

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“These assumptions are: – GDP Growth (%) – 2.30, Crude Oil Benchmark price per barrel – $55, Average production (million barrel/day) – 1.60, Inflation Rate (%) – 9.98 and Exchange Rate (N to US$) – 305.

He said the state would approach the capital market “for a new N30.000 billion bond to ensure we are able to fund the huge infrastructural needs already accommodated in the 2019 budget as demanded by the people.