Gov. Oluwarotimi Akeredolu of Ondo State on Tuesday said the 2020 Appropriation Bill termed ‘Budget of Growth’ which was signed into law, provided for aggregate expenditure of N187.8 billion.
Akeredolu made this known in Akure during the signing of the 2020 Appropriation Bill into law.
He explained that the amount was divided into N10.50 billion representing 5.6 per cent for debt servicing; N14.18 billion representing 7.6 per cent as statutory transfers to Ondo State Oil Producing Area Development Commission (OSOPADEC) and Ondo State Internal Revenue Service (ODIRS).
“The share of Independent Revenue to Joint Account and Allocation Committee (JAAC) of Local Governments in the state represented 10 per cent.
“Also the sums of N82.70 billion and N80.470 billion representing 44.1 per cent and 42.7 per cent are for recurrent expenditure and capital development respectively,” he said.
The governor also said that one of the key challenges to budget implementation was unavailability and inadequacy of required funds.
“This is as a result of the recurring dwindling Ondo State’s share of the Federation Account.
“This is occasioned by a fall in oil revenue which incidentally, and regrettably too, provides over 80 per cent of the country’s revenue receipts,” Akeredolu said.
According to him, the Independent Revenue, even though has increased substantially since the inception of our administration, has not grown to the level of delivering the state from depending on federal transfers.
“We have to assure you that we have designed many ingenious and innocuous ways of bringing in more prospective payers into the tax net,” he said.
Earlier, Bamidele Oleyelogun, Speaker, Ondo State House of Assembly, appreciated the efforts of the lawmakers in the passage of the budget.
He said more than 30 bills had been passed and numerous oversight functions carried out in the last six months.
Oleyelogun described the 9th Assembly as hardworking and intelligent