Gov. Oluwarotimi Akeredolu of Ondo State on Friday signed the state’s 2021 Appropriation Bill of N174.87 billion into law.
Signing the bill in Akure, the governor expressed hope that the ‘Budget of Hope’ would reactivate the economic life of the state through technical and technological education.
He said that Education had been allocated 19.07 per cent of the budget, while 21.19 per cent was set aside with a view to ensuring that all ongoing infrastructural projects across the state were completed.
A total of N13.633 billion, representing 7.8 per cent is for Debt Service, while N12.241 billion, representing 7.0 per cent, is set aside for Statutory Transfers to Ondo State Oil Producing Areas Development Commission.
Also, 10 per cent is the share of Independent Revenue to Joint Account and Allocation Committee (JAAC) of Local Government Areas of the state.
“The sum of N79.084 billion – 45.2 per cent and N69.915 billion – 40.0 per cent are for Recurrent Expenditure and Capital Expenditure respectively,” Akeredolu said.
Earlier, Mr Bamidele Oleyelogun, Speaker, Ondo State House of Assembly, said an initial amount of N159.7 billion was presented to the assembly, but was increased to N174.87 during the course of scrutiny.
He said that some items were increased in the budget in the interest of the state.
The speaker pledged the commitment of the legislature to a smoother working relationship with the executive arm.