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Akeredolu signs N174billion Ondo 2021 appropriation bill into law

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Ondo State Governor Rotimi Akeredolu has signed the N174 billion law on the 2021 budget.

The budget was presented to the Governor for signature by the Speaker of the State House of Assembly, Rt. Hon. Bamidele Oleyelogun at the Governor’s Office, Alagbaka, Akure.

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Akeredolu said the 2021 budget is meant to keep people’s hopes alive.

He noted that “the 2021 budget has a total budget size of N174.873 billion. Of this amount, N 13.633 billion, or 7.8%, is accounted for by debt servicing. N 12.241 billion, or 7.0%, is accounted for by statutory transfers to OSOPADEC and the 10% share of the independent revenue to the Joint Account and Allocation Committee (JAAC) of local authorities in the state.

“The sum of N 79.084 billion, ie 45.2%, is intended for recurring expenditure, while N 69.915 billion, ie 40.0%, is intended for investments.

“An important principle in the budget is the desire to ‘creatively pull our economic chestnuts out of the fire’.”

Stressing that the 2021 budget will reactivate the state’s economic life through technical and technological education, the governor added that 19.07% of the budget was allocated to education, while 21.19% was earmarked to ensure that everyone was on-going Infrastructure projects to be carried out across the state are completed.

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He complained that the country’s economy was facing the global COVID-19 pandemic and the domestic upheavals of the #EndSARS protest.

According to him, both have adversely affected the economy, stressing that the country is now facing the low price of crude oil stemming from the uncertainties of the international oil market and decreased levels of production that have invariably made Nigeria an economic recession.

“This has resulted in a steady decline in national revenues and the associated reduction in allocations from the country’s federal account to all levels of government.”

Akeredolu said the gains his government had made on its independent income over the past three years, which stabilized public spending, were now also gradually being wiped out.

“Despite all that, we haven’t lost hope. We have continued to update our strategies to strengthen our capacity for internally generated revenue without putting additional strain on people. “

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Economic Budget and Panning Commissioner, Pastor Emmanuel Igbasan, said the signing of the budget allocation law symbolized the completion of the budget preparation process.

Igbasan stated that the budget will be a bridge between the first and second term, saying that it is a product of input from all citizens through the server, i.e. interactive sessions.

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