The Ondo state Governor, Oluwarotimi Akeredolu, has revealed that the 2021 budget would reactivate the state's economic life through technical and technological education.
He added that his administration was determined to use the 2021 budget to sustain the hopes of the people.
Governor Akeredolu spoke shortly after signing N174. 873 billion 2021 budget into law at the Cocoa Conference Hall of the Governor's office, Alagbaka, Akure.
He explained that in the budget, Education has been allocated 19.07%, while 21.19% has been set aside with a view to ensuring that all ongoing infrastructural projects across the State are completed.
"The 2021 Budget, has a total budget size of N174.873 billion. Out of this amount, N13.633 billion representing 7.8% is for Debt Service; N12.241 billion representing 7.0% is for Statutory Transfers to OSOPADEC and the 10% Share of Independent Revenue to Joint Account and Allocation Committee (JAAC) of Local Governments in the State.
"The sum of N79.084 billion i.e. 45.2% and N69.915 billion i.e. 40.0% are for Recurrent Expenditure and Capital Expenditure respectively.
"A major principle to note about the Budget is the desire to creatively pull our economic 'chestnut out of the fire'. Thus, the 2021 Budget will reactivate our economic life through technical and technological education," the Governor emphasised.
Governor Akeredolu further explained that in the course of the year, the nation's economy was confronted with the global COVID-19 pandemic and domestic upheaval of #EndSARS protest, both of which have adversely affected our national economy.
According to him, the country is now confronted with low price of crude oil arising from the vagaries of the international oil market and reduced level of production both of which have invariably put our country into economic recession.
"This has resulted in consistent dwindling in national revenue and its attendant reduction in allocations from the nation's Federation Account to all tiers of government.
"The gains we made in the last three years in our independent revenue which have been the stabilising force in our public spending is also now being gradually wiped off.
"Despite all these, we have not lost hope. We have continued to update our strategies for strengthening our Internally Generated Revenue capacity without putting extra burden on the people," he stressed.
The Governor who particularly expressed his appreciation to the people of the State who have stood by his administration in the long walk to this day, also applauded their unwavering confidence, steadfastness, loyalty, trust and faith in his government.
He equally lauded the Speaker and all the members of the State House of Assembly for scrutinising and passing the budget proposal in record time without compromising the integrity of the process.
Earlier, the Speaker, Ondo State House of Assembly, Bamidele Oleyelogun, disclosed that an initial amount of N159.7 billion was presented to the Assembly, but was increased to N174.87 during the course of scrutiny, to accommodate some items in the interest of the state.
He pledged the readiness of the legislature to ensure smoother and harmonious working relationship with the executive arm.
In his welcome address, the Commissioner for Economic Planning and Budget, Pastor Emmanuel Igbasan said the signing of the appropriation bill into law symbolized the completion of the budget preparation process.
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