2020 budget targets human devt, economic revolution –ODSG

By Adekola Afolabi
|
Ondo State Government said the policy bedrock of the 2020 ‘Budget of Growth’ rests on human capital development, economic revolution, infrastructural expansion, industrial reform, social welfare enhancement, culture and tourism and environmental sustainability.

The state Commissioner for Economic Planning and Budget, Emmanuel Igbasan disclosed this during a press briefing on the breakdown of the Ondo State 2020 budget.

According to him, the 2020 budget has been prepared based on the projections of the 2020-2022 Medium-Term Expenditure Framework (MTEF), a three-year planning document that shows the aggregate knowledge envelope available to the state government and how the resources are allocated to meet the developmental agenda of government.

Igbasan asserted that the 2020 budget christened “Budget of Growth” was designed to focus on the growth drivers of the economy in order to accelerate the pace of economic recovery and development.

He also listed key projects in the 2020 Appropriation Law to include, reticulation of Owena Dam to serve about 1.2 million people in Akure, Ondo, Idanre, Ifedore and Owo metropolis; Independent Power Plant to serve State Secretariat, GRA and Oba-Ile axis of Akure; various agricultural projects to affect about 500, 000 farmers (CACS – N2. 5 billion; AADS -N1. 5 billion; LIFE-ND – N2. 0 billion, Cassava Revolution; construction of coastal road from Araromi in Ilaje to Lekki in Lagos; 500km rural roads to connect farmers to market (N1. 750 billion); zero pothole through Public Work Department of the Ministry of Works and Infrastructure, and Clean Ondo initiatives ( Open Defecation Free Ondo Agenda), among others.

The Commissioner explained that the last three years had shown the advantages of focusing on key projects designed to provide tangible improvements rather than spreading on small and inconsequential projects.

“The budget, a total of N187.859 billion, has a provision of N80.470 billion for capital projects, which is 42.84 per cent 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, three classes of revenue; federation account of N78.239 billion, independent revenue (IR)/internally generated revenue (IGR) N30,000 billion, and other revenue sources of N79.620 billion, were used to fund the budget.

Under the Sub-Sectoral Breakdown, Education got N35.931 billion representing 19.13 percent; Infrastructural Development got N32.907 billion representing 17.52 percent; Public Finance got 32.357 billion representing 17.32 percent, just as General Administration got 15.843 billion representing 8.43 per cent.

Also, Health got N15.213 billion representing 8.10 percent; Agriculture got 12.564 billion representing 6.69 percent; Debt Service got 10.508 billion representing 5.59 percent; Legislative Administration got 7.506 billion representing 4.00 percent; Administration of Justice got 5.772 billion representing 3.07 percent, while Regional Development got 5.360 billion representing 2.85 percent.

Similarly, Trade and Industry got 4.058 billion representing 2.16 percent; Social and Community Development got 3.804 billion representing 2.03 percent; Environment and Sewage Management got 3.208 billion representing 1.71 percent, just as Information got 2.644 billion representing 1.41 per cent of the budget estimates.

The Commissioner further said under other initiatives, 17.325 billion was budgeted for construction and rehabilitation of roads, while 1.350 billion was earmarked for construction of new High Court, just as 0.800 billion was budgeted for renovation of the House of Assembly Parliamentary Building, among other initiatives.