By; ODEYEMI SAMUEL, Akure
Ondo State Governor, Arakunrin Oluwarotimi Akeredolu (SAN) has earmarked the total sum of N77,671billion for the Economic sector in the year 2018 budget.
The Governor who gave the information while presenting the 2018 budget speech to members of the state House of Assembly on Friday said the amount represents 45.35 per cent.
The Social sector which gulped N52.894 billion represents 30.88 percent while Administration has N31.099 ___18.16 per cent followed by Regional with N6.125 billion __3.63 per cent.
The fifth sector, which is Law and Justice got N3.389 billion, 1.98 per cent which is the least makes the total of N171.268 billion total estimate.
The break down of the budget a location, the Governor said are as follows, Debt repayment N13.6 billio, Statutory Transfer N8.051 billion, Recurrent Expenditure N81.521 billion while Capital Expenditure is N68.096 billion.
Akeredolu disclosed that the 2018 budget is derived from the state Fiscal Responsibility bill which was signed into law by the state House of Assembly.
The Governor how ever noted that the capacity to retain and circulate money within the state’s economy is limited with effort to tackle it through agricultural programmes.
The 2018 budget which is tagged “A budget of progress” according to the Governor is expected to be sustained in spite of heavy demands on scarce resources.
He how ever gave a break down of a number of ongoing road projects across the state which include, construction of some major roads in Akure the state capital Dualization of Akure-Iju-Ita Ogbolu to Ondo/ Ekiti state boundary.
Other major works are the construction of a fly over bridge at Ore junction in Odigbo local government and the rehabilitation of roads in major cities across the state.