Home NewsOndo State News Ondo State gets first Appropriation Act under Governor Akeredolu

Ondo State gets first Appropriation Act under Governor Akeredolu

by ondoevents
0 comment

The Ondo State 2017 Appropriation bill has been signed into law by the State Governor, Arakunrin Oluwarotimi Akeredolu,SAN.

At the brief but historic event being the first to be signed by Arakunrin Oluwarotimi Akeredolu, SAN as Governor of Ondo State was held at the Cocoa Conference Hall of the Governor’s House in Akure.

In his address Governor Akeredolu said his administration would no longer tolerate the practice of expending disproportionate percentage of budgetary allocations on recurrent expenditures.

He said the huge deficit in various sectors of socio-economic life needed to be tackled, hence the administration had tried to reduce the embarrassing imbalance between recurrent and capital expenditures

“This Appropriation Act has provision of N170, 846, 580 billion broken into Debt Service (Principal) N8.127 billion, Statutory Transfers N8.374 billion, Recurrent Expenditure N95.159 billion, and Capital Expenditure N59.187 billion.

“These fiscal estimates have been scrutinized meticulously to capture the aspirations of this administration on real development.

“It is important to state that the government has initiated special intervention strategies on Agriculture, Job Creation, Infrastructure, Education, Technology and Rural Development.

Akeredolu, however, expressed determination to improve fiscal circumstances substantially through revenue generation.

“This administration is not unmindful of the dire challenges faced by it, with regards to Budget implementation, mainly due to paucity of funds.

“We are however, determined to improve our fiscal circumstances, substantially, through revenue generation. We shall devise means of plugging loopholes exploited by unscrupulous elements to deny the State of deserved revenue”

“We shall expand our tax base, aggressively. This administration requires the cooperation of all concerned in ensuring that all revenues accruable to the State are realized with minimal stress”, he said.

The Governor appreciated members of the House of Assembly over the promptitude with which the appropriation document was scrutinized and passed.

Earlier the Speaker of the State House of Assembly, Rt. Hon. David Oleyeloogun had appreciated members of the State House for their cooperation and commitment towards making the budget a reality.

The Speaker noted that the Governor sent the appropriation of One hundred and sixty-nine billion, seven hundred and twenty million and five hundred and eighty thousand naira (169, 720, 580 000.00) to the House.

“After justice was done to the appropriation bill, some additions and subtractions were made in certain areas, after which the difference of One billion, one hundred and twenty-six million naira (1, 126,000,000) occurred to take care of tertiary institutions in the State”, the Speaker stated.

The occasion witnessed a large attendance from the top echelon of the Public Service, Private Sector, Legislators and the politics class.

You may also like

Leave a Comment