Ondo to spend N130b in 2015

Governor Olusegun Mimiko of Ondo State, on Tuesday, presented a budget estimate of N130 billion for the 2015 fiscal year to the 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.
The budget is a reduction of 23% over last year’s budget of N160 billion, 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, N77 billion was earmarked for recurrent expenditure while N53 billion was estimated for capital expenditure.
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 N16 billion for the economic sector, N9.1 billion for social services, N11 billion for environment and regional development, N0.35 billion for law and justice, N2.69 billion goes to administration and N13.7 billion 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 two thirds 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 N800 million 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.