The Ondo State Governor, Rotimi Akeredolu, on Tuesday presented the 2022 budget proposal of N191.6 billion to the State House of Assembly.
Akeredolu, who was represented at the forum by the state’s Commissioner for Finance, Wale Akinterinwa, said the 2022 proposal was 9.59 percent higher than the 2021 budget of N174 billion.
Tagged the “Budget of Economic Re-Engineering,” the document has a recurrent profile of N112.017 billion and a capital expenditure of N79.621 billion.
He said: “Hence, the expansionary measures being pursued in 2022 is carefully weighed option to weigh-in into the resultant fiscal resurgence envisage in 2022.
“It should be noted that in 2022, the government will leverage on its resources to source N44 billion from the financial market in order to accelerate the pace of development and job creation in the state.
“The policy thrust and priorities of the government in the next fiscal year is aimed at streamlining sectoral programmes and projects within the framework of the Medium Term Expenditure Framework (MTEF).
“And to further consolidate on the gains of this administration in the last four years as contained in Second Term Blueprint Christened the REDEEMED agenda.
“The varying competing needs of different sectors would be prioritised and programmes/projects necessary to address them properly aligned within the Medium Term Sector Strategy.”
The governor listed the objectives of the 2022 budget to include growing the state’s independent revenue by a minimum of 20 percent every year from 2022 to 2024.
Akeredolu added: “Also to improve the state fiscal performance to increase the state draw-down on Federal Government and international-based grants.
“Others are to create a rural economy and enhance community development; to improve health care delivery system to combat the spread of COVID-19 pandemic and other dreaded diseases in the state.
“In the budget, the sum of N79.621 billion is for capital expenditure, while N112.017 billion is for recurrent expenditure, representing an increase of 7.15 percent over the 2021 recurrent expenditure.”
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