The Ondo State Governor, Rotimi Akeredolu has presented a fiscal proposal of N191.6 billion for 2022 to the State House of Assembly.
The Governor presented the proposal on Tuesday, and it is expected to be a 9.59% increase compared to the 2021 budget.
Represented by the Commissioner for Finance, Wale Akinterinwa, the budget is titled the “Budget of Economic Re-Engineering,” with a recurrent profile of N112.017 billion and capital expenditure of N79.621 billion.
What the state government is saying
“Hence, the expansionary measures being pursued in 2022 is a carefully weighed option to weigh-in into the resultant fiscal resurgence envisaged in 2022.
“It should be noted that in 2022, the government will leverage on its resources to source N44 billion from the financial market in order to accelerate the pace of development and job creation in the state.
“The policy thrust and priorities of the government in the next fiscal year is aimed at streamlining sectorial programmes and projects within the Medium Term Expenditure Framework. And to further consolidate on the gains of this administration in the last four years as contained in Second Term Blueprint Christened the REDEEMED agenda.
“The varying competing needs of different sectors would be prioritised and programmes/projects necessary to address them properly aligned within the Medium Term Sector Strategy,” he said.
The State Government added that it plans to grow Independent Revenue by a minimum of 20% every year from 2022 to 2024, and improve the state’s fiscal performance to increase the state draw-down on Federal Government and international-based grants.
“Others are to create a rural economy and enhance community development; to improve health care delivery system to combat the spread of COVID-19 pandemic and other dreaded diseases in the state.
“In the budget, the sum of N79.621 billion is for capital expenditure, while N112.017 billion for recurrent expenditure, representing an increase of 7.15% over the 2021 recurrent expenditure,” he said.
In case you missed it
The Ondo State Government through the Ondo State Internal Revenue Service (ODIRS) stated that it will implement the law on Valued Added Taxes that has been passed by the state after it has concluded its own research.
“We will implement the law that has been passed by the state and we have done our research and passed our observations and at the appropriate time, the government will take a decision.
They added that the collection of the Hotel Consumption Tax has, however, started and it is different from VAT.
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