The Ondo State House of Assembly on Thursday passed the state's 2014 Appropriation Bill of N168 billion into law. The amount was N6 billion higher than the N162b estimate presented by the state governor, Dr. Olusegun Mimiko on Decem
ber 31, 2013 to nine out of 26 legislators.
The lawmakers passed the bill after considering the report of the House Committee on Finance and Appropriation led by Chief Fidelis Akinwolemiwa from Ondo East constituency.
According to the report presented by the chairman, the increase was necessary in order to accommodate some demands made by the Ministries, Departments and Parastatals(MDAs).
The Committee also added that it engaged in objective comparative analysis between the previous year's spending in the proposals in the 2014 budget,adding that this was to avoid unrealistic budgeting.
The budget as approved by the House showed that N153b was expected from the statutory allocation, value added tax, mineral derivation, grants, loans among others, while N15b was being expected from Internally Generated Revenue (IGR).
The House consequently approved N71.943b for recurrent expenditures,which amounted to 43 percent of the total estimate and N96.956b representing 57 percent was projected capital expenditures.
The house also approved N10.24b for the Ondo State Oil Producing Areas Development Commission (OSOPADEC) for its capital expenditures.
Speaking, the majority leader of the house, Ifedayo Akinsoyinu (Ondo West 11) and other members commended the governor for details of the budget and called for proper implementation of the budget for the benefits of the citizenry.
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