Akeredolu signs N174b appropriation bill into law

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Ondo State’s 2021 Appropriation Bill of N 174 .87 billion has been signed into law Friday by the state governor, Oluwarotimi Akeredolu.

The governor , while signing the bill in Akure , expressed hope that the ‘Budget of Hope ’ would reactivate the economic life of the state through technical and technological education .

He stated that Education had been allocated 19 . 07 per cent of the budget , while 21 . 19 per cent was set aside with a view to ensuring that all ongoing infrastructural projects across the state were completed .

A total of N 13 .633 billion, representing 7 .8 per cent is for Debt Service , while N 12 .241 billion, representing 7 .0 per cent, is set aside for Statutory Transfers to Ondo State Oil Producing Areas Development Commission .

Also , 10 per cent is the share of Independent Revenue to Joint Account and Allocation Committee of Local Government Areas of the state .

“The sum of N 79 .084 billion – 45 . 2 per cent and N69 .915 billion – 40 .0 per cent are for Recurrent Expenditure and Capital Expenditure respectively ,” Akeredolu said .

Mr Bamidele Oleyelogun , Speaker, Ondo State House of Assembly, earlier said an initial amount of N 159 .7 billion was presented to the assembly but was increased to N 174 .87 during the course of scrutiny .

He said that some items were increased in the budget in the interest of the state .

The speaker pledged the commitment of the legislature to a smoother working relationship with the executive arm.

( NAN )