Ondo State Governor Olusegun Mimiko; and his Osun State counterpart, Rauf Aregbesola, on Tuesday presented their states’ 2014 budgets to the respective Houses of Assembly for approval.

While Mimiko proposed to spend N162bn, with N92.319bn and 69.681bn naira earmarked for capital and recurrent expenditures respectively, Aregbesola proposed a N216.7bn budget.

Presenting the budget estimates, which he said was the fifth in the series of the administration’s Caring Heart budgets, Mimiko said his government had embarked on a number of initiatives in the last five years, some of which he said had earned the state special recognition and accolade.

He said some of the initiatives had been delivered while some were still ongoing.

In view of the general economic trend in the country, however, the governor said it was the desire of his government to concentrate more effort on revenue generation with a view to completing the on-going projects.

A breakdown of the recurrent expenditure component of the Ondo budget shows that Personnel Cost will received N35.371bn; Overheads, N5.184bn; Recurrent Grants to Parastatals and Tertiary Institutions, N7.457bn; Special Programmes , N13.469bn; Consolidated Revenue Fund Charges, N8.030bn; and Grants and Loans, N170mn.

The sectoral details of the capital vote shows that Economic receives N37.643bn, Social Services, N21.504bn; Regional, N10.240bn; Law and Justice, N661mn; Administration, N6.621bn; and Debt repayment/servicing, N15.650bn.

Reviewing the 2013 fiscal year, Mimiko said that last year’s revenue projections experienced “economic upheavals which adversely affected the revenue inflow.”

He said one of such factors was the inability of the state government to access a N23bn Bond.

Aregbesola was represented by his Special Adviser on Budget, Mr. Bade Adesina, at the presentation of the appropriation bill.

The budget, which he christened “Budget of Growth Enhancement and Development,” is about N18 bn less than what the governor proposed for the 2013 fiscal year.

Aregbesola proposed to spend N119, 136,932,600 on capital projects while a total of N97,608,280,660 is expected to be spent on recurrent expenditures.

The governor proposed to spend N 17.9bn on over head cost and the consolidated cost was put at N52, 493,953,200 in the appropriation bill.

Aregbesola explained that the short fall in the price of crude oil and huge loss of revenue to oil theft were the reasons for the reduction in the amount proposed to spend in 2014 fiscal year, compared to the budget of N234, 269,308,820 for 2013 fiscal year.

He promised that his administration would continue to embark on projects, which would make life more comfortable to the people of the state.

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Superstar 14:1 Igboson

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