Gov. Mimiko presents N118.99b 2016 budget

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Gov. Mimiko presents N118.99b 2016 budget

By; Odeyemi Samuel, Akure

The Governor of Ondo State, Dr. Olusegun Mimiko has presented a budget estimate of N118.99B to the state House of Assembly for year 2016.

Mimiko reiterated the fact that emphasis shall be placed on completing several of the ongoing projects in view of the current economic realities in addition to the fact that he is on the twilight of his administration.

He therefore disclosed the objectives for the 2016 budget to include completion of on-going developmental projects and programmes by making use of the most available resources.

He also assured that the budget will sustain the regime of peace being enjoyed in the state through provision of requisite support to security agencies for crime control and prevention.

The Governor disclosed that the budget shall be realised through Statutory Allocation of N27 billion from the Federation account, Independent revenue of N12.668 billion; Value Added Tax (VAT) of N8.6 billion; Loans/Leases of N35.225 billion and Secured Facility of N14 billion.

According to him, the proposed recurrent estimates for the year 2016 is N68 billion as against N76.703 for 2015, while the capital expenditure stands at N31.08 billion for 2016 as against N15.85 for 2015.

He however reiterated the commitment of his administration to the various reforms he introduced in the past in partnership with the World Bank towards improving the public service and Self -Reliance Initiative.

As part of collective commitment to boost the economy, the Governor encouraged every household to undertake subsistence agriculture through back yard farming and animal husbandry.

 

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