The Ondo state’s Commissioner for Economic Planning and Budget, Mr. Emmanuel Igbasan, says the state’s 2020 budget will focus on growth drivers of the economy through strategic mobilization to create wealth.
Igbasan said this on Wednesday in Akure, the state capital, during a press briefing on the breakdown of the budget tagged: “Budget of Growth.”
He explained that the last three years had shown the advantages of focusing on key projects designed to provide tangible improvements rather than spending on small and inconsequential initiatives.
“The 2020 budget has been designed to leapfrog the economy in all sectors and improve on the successes and achievements of this administration, notwithstanding the fluctuating fortunes of the economy in the last three years.
“The budget, a total of N187.859 billion, has a provision of N80.470 billion for capital projects, which is 42.84 percent of the total budget and N82.700 billion for recurrent expenditure.
“It also has a provision of N10.508 billion, representing 5.60 percent of the budget, and N14.180 billion for debt repayment and statutory transfer respectively,” he said.
According to him, revenue from the Federation Account of N78.239 billion, independent revenue/Internally Generated Revenue of N30.000 billion and other revenue sources of N79.620 billion would fund the budget.
Igbasan further explained that the economic sector got N84.39 billion, representing 45.2 percent; social sector got N60.877bn, representing 32.3 percent, while law and justice sector got N5.772bn, representing 3.1 percent.
“Regional sector got N5.359bn, representing 2.9 percent, while administration sector got N30.911, representing 16.5 percent.
“The implementation of the 2020 budget is of utmost importance to this government as no stone will be left unturned in ensuring that the details contained therein are adhered to and implemented to the letter,” he added.
Amaka E. Nliam