Akeredolu signs Ondo 2021 appropriation bill into law

Akeredolu signs Ondo 2021 appropriation bill into law

Ondo state Governor, Oluwarotimi Akeredolu on Friday signed the State 2021 Appropriation Bill into law.

In his address, Governor Akeredolu said the 2021 budget is meant to sustain the hopes of the people.

The Governor said: “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% is for Recurrent Expenditure while N69.915 billion i.e 40.0% is for Capital Expenditure.

“A major principle to note about the Budget is the desire to creatively pull our economic ‘chestnut out of the fire’.”

Arakunrin Akeredolu stressed that the 2021 Budget will reactivate the economic life of the state through technical and technological education, adding that Education has been allocated 19.07% of the Budget, while 21.19% has been set aside to ensure that all ongoing infrastructural projects across the State are completed.

Earlier, Rt. Hon. 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.