Ondo targets on-going projects in N119b budget

GOVERNOR Olusegun Mimiko has presented a budget estimate of N118.990 billion to the Ondo State House of Assembly for consideration for the 2016 fiscal year. 

Mimiko at the presentation told the lawmakers that his administration was placing emphasis on completion of on-going projects due to the current economic realities

Speaking on the harsh economic condition in the country, the governor said, “This unexpected turn of events, unfortunately, truncated or slowed down the implementation of several capital projects which were contained in the 2015 budget. Notwithstanding, we made steady progress on Akure Oba-Ile Airport Road, Ondo township road, the Dome among others.”

Of the N118.9 billion estimate, the sum of N68 billion was allocated for recurrent expenditure while the capital expenditure would gulp N50. 990. 

The sectorial breakdown of the capital expenditure showed that N9.133billion was provided for the economic sector while the social sector would gulp N13.312billion. The environment and regional development was allocated N11.061billion; Law and Justice, N0.298billion; Administration, N1.355billion and Debt Repayment/Servicing, N15.850billion. 
Mimiko told the House that the state has been able to make steady progress in the rea of Internally Generated Revenue in the last two years, emphasizing that federal allocation would still account bulk of the state’s revenue sources. 

He said, “In this wise, our revenue projections have been premised on the macro economic assumptions contained in the 2016-2018 fiscal strategy paper of the Federal Government of Nigeria,” he said. 

Mimiko, who declared that he has fulfilled most of the promises “to work for the people and make the state a cynosure of all eyes,” enjoined the people to pay their taxes so that government can have the wherewithal to complete its capital projects. 

“As we approach the next gubernatorial election in Ondo State, it is our collective responsibility to sustain the existing economic structures that have enhanced our lives; and sustain the peace that we have all worked together to put in place in Ondo State. “