The Ondo State House of Assembly has approved and passed the 2018 budget of N181,424,540,283 billion into law.
The Ondo State House of Assembly has approved and passed the 2018 budget of N181,424,540,283 billion into law.
Sahara Reporters correspondent reports that the budget was approved on Friday evening by lawmakers of the Assembly.
The budget was N10,156,627,283 billion higher than the initial amount which was proposed to the parliamentarians.
Governor Rotimi Akeredolu had on the 22nd of December 2017, presented the sum of N171,267,913,000 billion before the members of the Assembly.
Mr. Akeredolu had tagged the document, the "Budget of Progress" and noted that it was designed to reflate the economy of the state and generates employment.
The budget was passed during a plenary session of the Assembly presided by the Speaker, Mr. Bamidele David Oleyelogun.
Sahara Reporters reports that the budget has a total sum of N78,587,675,486 for the recurrent expenditure and the sum of N80,928,985,234 billion for capital.
Also, a total of N13,599,878,084 billion was budgeted for servicing debt and the total sum of N8,308,001,478.30 is for statutory transfer.
The approval followed consideration and adoption of the reports presented by the Assembly's Committee on Finance and Appropriation headed by Sunday Olajide.
Gbenga Araoyinbo, Majority Leader of the Assembly moved a motion for the passage of its passage.
Mr. Iroju Ogundeji, the Deputy Speaker of the Assembly seconded the motion and the budget was passed into law.
Speaking, Mr. Olajide said the budget was jerked up because the total sum of N7 billion of the Ondo State Universal Basic Education Board (SUBEB) funds for capital projects meant for 2017 was rolled into the 2018 budget.
He further noted that another sum of N2 billion has been earmarked to conduct the local government areas elections in the state.
Olajide added that errors were noticed in some of the proposals of the Ministries Departments and Agencies (MDA) of the government which led to an increase in the sum of the budget.
"Mr. Speaker, this 2018 budget is now set at a sustainable level taking cognizance of the current economic realities," he said.
Sahara Reporters had reported that road constructions take a lion share of over N15 billion in the 2018 budget.
