Ondo State Governor, Dr. Olusegun Mimiko yesterday
presented a budget estimate of N130 billion to the state
House of Assembly for consideration and approval.
The budget estimate, according to the governor, reduced by
23 percent compared with the N168 billion 2014 budget of the
state.
The reduction in this year’s budget, the governor explained
was due to the prevailing economic realities in the country and
the global economic downturn.
Giving a breakdown of the budget estimate, Mimiko said N77
billion was budgeted for recurrent expenditure, while a total of
N53 billion was earmarked for capital expenditure.
An analysis of the budget estimate indicates that the
economic and social sectors got the lion share with 30
percent of the budget allocated to them, while law and justice
got the least share of 0.66 percent.
Mimiko, who lamented that the dwindling crude oil price was
affecting the economy of the state like other states of the
federation, stated that efficient management of public funds
would ease the current economic pressure.
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