Akeredolu signs 2023 budget of N275.979bn into law

Gov. Rotimi Akeredolu of Ondo State has signed the 2023 budget of N275. 979 billion into law.

Akeredolu had on Dec. 5, presented a total budget proposal of N272. 736 billion to the State House of Assembly for approval and passage.

The Assembly on Tuesday passed a total budget of N275, 979, 184, 000.00.

The House Appropriation Committee led by Akintomide Akinrogunde said the budget was increased in cognisance of the current economic realities in the country.

Akeredolu, while signing the appropriation bill into law on Wednesday in Akure, said N129. 839 billion, representing 47 per cent of the total budget is to cater for Recurrent Expenditure, while N146,140 billion, representing 52.99 per cent is for Capital Development.

The governor said that the budget was prepared from the inputs garnered during the town hall meetings with various stakeholders across the state.

Akeredolu further said that the budget preparation was also based on the REDEEMED agenda of his administration, which he said was the guide post for development of the state.

The governor described as heartwarming, the recent ranking of Ondo State as the State with the least poverty index in the country.

“The ranking by the National Bureau of Statistics, in collaboration with United Nations Development Programme (UNDP), United Nations Children’s Fund (UNICEF) 2022 Multidimensional Poverty Index of States in Nigeria, is a testimony that this administration is on the right track,” he said.

The governor, however, decried the lean revenue from the Federation Accounts Allocation Committee (FAAC).

“I am assuring you that this administration will strive to logically implement the 2023 budget,” Akeredolu said.