Ondo State Governor, Oluwarotimi Akeredolu, on Friday presented an appropriation bill of N171 billion for the 2018 fiscal year to the state House of Assembly for scrutiny and approval.
The estimates, christened “Budget of Progress,” earmarked N81.521 billion for recurrent expenditure and N68.096 for capital votes.
He said the budget reflected the collective aspiration of the people of the state, after having consulted widely to incorporate the input of all stakeholders.
Akeredolu said the budget captured the essence of his administration’s blueprint, adding that the document was christened “Budget of Progress” to achieve the programmes in his administration’s Strategic Development and Policy Implementation.
According to him, his administration will pursue activities targeted at encouraging productivity and creation of real opportunity for the people in the next fiscal year.
He therefore, asked the state Assembly to give the budget realistic scrutiny before approval.
Akeredolu also lauded the lawmakers for passing all the Public Financial Management laws which had been pending before the House for six years.
The governor said: “The 2018 budget is designed to achieve stability, fiscal re-prioritisation 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 prioritised investment on infrastructure and agriculture-related activities.”
The governor listed the objectives of the budget, including intensifying efforts on independent revenue initiatives, massive infrastructure development and wealth creation through empowerment of youths, artisans, farmers and market women.