Mimiko presents N130b budget to legislators
GOVERNOR Olusegun Mimiko has presented a budget estimate of N130 billion for the 2015 fiscal year to the Ondo State House of Assembly for consideration.
He said the budget was aimed at furthering the goals of job creation, poverty reduction and wealth creation, even as he mentioned that the budget has taken into consideration the local government election which he hinted, the government will organise this year.
Also, Mimiko has approved the appointment of Mr. Ofakunrin Jacob Olufemi as the chairman of the Ondo State Signage and Advertisement Agency.
According to a statement issued by the state’s Commissioner for Information, Kayode Akinmade in Akure, the newly appointed chairman shall operate on full time basis.
The statement added that the appointment of Ofakunrin, who is from Akure North Local Government takes immediate effect.
The budget is a reduction of 23 per cent over last year’s budget of N160bn, which according to the governor was occasioned by the dwindling revenue in the country and the global economic downturn.
In the breakdown of the budget estimate, N77bn was earmarked for recurrent expenditure while N53bn was estimated for capital expenditure.
Dr. Mimiko explained that government’s functions have been classified in the budget on sectoral basis for better understanding and in line with international best practices and thus proposed N16bn for the economic sector, N9.1bn for social services, N11bn for environment and regional development, N0.35bn for law and justice, N2.69bn goes to administration and N13.7bn for debt servicing.
While presenting the budget at the Assembly complex in Akure, Mimiko noted that the appropriation was carefully and meticulously prepared to reflect the current economic realities in the country.
He assured that his administration would continue to embrace the principles of prudence and accountability in the management of public fund, stressing that government would achieve its revenue target for the year, especially in the area of Independent Revenue.
For the government to achieve and deliver on its promises, the governor disclosed that his administration has adopted the strategies of setting its expenditure at sustainable level, ensuring that 2/3rd of the total capital investment fund is directed to economic growth drivers, building greater transparency, accountability and comprehensiveness into the budget process and using the budget to further the goals of job creation, poverty reduction and wealth creation.
Mimiko disclosed that local government election in the State would be held this year as government has earmarked a sum of N800m for the purpose.
He added that his administration would ensure the completion of many of its laudable projects this year and also improve on its services and people-oriented projects for the people of the state.