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The Ondo State Governor, Arakunrin Oluwarotimi Akeredolu, on Tuesday signed the 2020 Appropriation bill into law. A total of N177.944bn was budgeted for the new fiscal year.
The law, which was christened ‘budget of growth; had earlier been passed as a bill by the state House of Assembly.
Speaking while signing the budget at the Executive Council Chamber of the Governor’s Office, Akure, the governor said his administration was determined to move the state forward.
He said, “The 2020 Appropriation Bill passed by the state House of Assembly provides for aggregate expenditures of N187,858,525,273.00.
“This amount is divided into N10.508 bn, representing 5.6 per cent for debt servicing, and N14,180bn representing 7.6 per cent as statutory transfers to the Ondo State Oil Producing Area Development Commission, and the Ondo State Internal Revenue Service.”
He said it also included the 10 per cent share of the Independent Revenue to the Joint Account and Allocation Committee of Local Governments in the state.
He said, “Also the sums of N82.700 bn and N80.470 bn representing 44.1 per cent and 42.7 per cent are for recurrent expenditure and capital development, respectively.”
Credit: punchng.com
