The Governor of Ondo State, Arakunrin Oluwarotimi Odunayo Akeredolu, SAN on Tuesday presented the budget proposal of N191,638,387.000.00 billion for 2022 fiscal year to the Ondo State House of Assembly.
The budget was tagged “Budget of Economic Re-Engineering”.
The 2022 budget was transmitted to the state House of Assembly for scrutiny by the Commissioner for Finance, Wale Akinterinwa who represented the governor.
A total sum of N79.621 billion has been budgeted for capital expenditure, N102.106 billion for recurrent expenditure, representing an increase of 7.15 percent over the 2021 recurrent expenditure budget.
Akeredolu said, “The 2022 Budget projections represent an increase of 9.59 percent over the 2021 budget. Hence, the expansionary measures being pursued in the 2022 is carefully weighed option to weigh-in into the resultant fiscal resurgence envisage in 2022.
“It should be noted that in the 2022, government will leverage on its resources to source N44.000 billion from the financial market in order to accelerate the pace of development and job creation in the state.”
Akeredolu said, “the economic sector has the highest allocation with 54%. This is so as it is the sector that stimulates the economy, and would create anticipated jobs for the teeming unemployed youths”.
Meanwhile, the economy sector has the second highest share with N103.285 billion representing 53.90 percent followed by Social Sector which has N55.504 billion, representing 29.00 percent, while administration has N23.847 billion, representing 12.44 percent.
For environmental and regional development, N4.992 billion representing 2.60 percent was proposed while Law of Justice has N4.011billion, representing 2.09 percent.
Akeredolu noted that, “The year 2022 budget is meant to grow independent revenue by a minimum of 20 percent every year from 2022-2024; improve the state’s Fiscal performance to increase the state’s draw-down on Federal Government and International Performance-based grants; consolidate on the development of Infrastructure by completing ongoing projects across the State.”
He added that, “it will improve the health care delivery system to combat the spread of COVID-19 Pandemic and other dreaded diseases in the state”.
Receiving the budget, the Speaker, Hon. Bamidele Oleyelogun thanked the governor for the timely presentation of the budget and for giving priority to all sectors in order to ensure all-round development in the state.