The Ondo State Commissioner for Economic Planning and Budget, Pastor Emmanuel Igbasan, has on Monday broken down the proposed 2023 budget, with infrastructural development taking the largest chunk of the budget.
Igbasan while giving the analysis of the budget Christened “Budget of Shared Prosperity”, put the total budget at N129, 939 billion, representing 47 per cent representing the total Recurrent while N146,140 billion represents 53 per cent for Capital expenditure
He said the budget was prepared from the inputs garnered from the people during the Town Hall meetings with various Stakeholders across the state saying different stakeholders, including, farmers, market women, youths groups, professional bodies persons with disabilities and organised private sectors were consulted.
Igbasan explained that the main focus of the budget is to attain financial resilience and sustainability through efficient, effective and sufficient revenue mobilisation and administration, and to optimize resources inflow nationality and internationally in order to expand the fiscal space.
Giving the recurrent expenditure analysis, Igbasan said the sum of N45.9b represents salaries, the Overhead cost, N24.97b, grants and contributions N13.8b, transfers N18.07b, while debt servicing is N14.07b and Social contributions and social benefits are N12.96b.
Analysing the sectoral breakdown, Igbasan explain that 155.15b which represents 56.22 per cent was allocated for the Economic sector, 8.53 per cent for the Administration sector, law and justice, 3.30 per cent while the social sector and the regional sector allocated 22.35 and 3.56 per cent respectively
Some of the key capital projects to be carried out with the 2023 budget include the construction of rural roads through the RAAMP programme, reconstruction and renovation of primary school facilities through SUBEB, and rehabilitation of Owena Dams through the African Development Bank (AFDB) Water facility.
Others include dualisation of Shoprite- Oda town road, rehabilitation of the township distribution network in the southern Senatorial district of Ondo state, the building of the High Court complex, construction of the new governor and deputy governor lodge, renovation of the House of Assembly and Completion of abandoned building projects.
He said key projects in the area of law and order for adequate, N2b will be spent for the provision of security hardware for Amotekun, N500m for procurement of secure vehicles, N700m on the provision of security equipment and infrastructure and purchase of ten motorcycles for bailiff and security personnel and other court staff at N5m.
He said ” Mr Governor has assured us that the budget will be logically implemented to further deliver the dividends of democracy and good governance to our people
“Permit me to also solicit the understanding and support of all MDAs to continue to cooperate and collaborate with one another for the development of a people-centred Ondo state where Prosperity, peace and progress shall reign Supreme.
“It is our belief that the full and proper implementation of the provisions of this budget will lead us towards becoming a society that is self-reliant and less dependent on statutory transfers from the federation account
“The achievements so far recorded by this administration, despite our lean resources, could not have been possible without the help of Almighty God.”
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