Economy

Akeredolu presents N191.6bn budget for 2022

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Akeredolu presents N191.6bn budget for 2022

By Oluwafemi Ojo

Governor Rotimi Akeredolu of Ondo State on Tuesday presented a tax proposal of 191.6 billion naira for 2022 in the State Assembly House.

Akeredolu, who was represented by Fice Commissioner Wale Akinterinwa, said the 2022 budget represented a 9.59% increase over the 2021 budget.

Labeled “Economic Reengineering Budget”, it has a recurring profile of N112.017 billion and capital expenditure of N79.621 billion.

“Therefore, the expansionary measures pursued in 2022 are a carefully weighed option to weigh in the resulting fiscal resurgence envisioned in 2022.

“It should be noted that in 2022, the government will leverage its resources to source 44 billion naira from the financial market to accelerate the pace of development and job creation in the state.

“The government’s policy direction and priorities for the next fiscal year are aimed at streamlining sector programs and projects within the framework of the Medium-Term Expenditure Framework.

“And to further consolidate the gains of this administration over the past four years, as contained in the master plan of the second term, called the program REDEMED.

“The different competing needs of the different sectors would be prioritized and the programs / projects needed to meet them properly aligned with the medium-term sector strategy,” he said.

The governor listed the 2022 budget targets to include independent income growth of at least 20% each year from 2022 to 2024.

“Also to improve the fiscal performance of the state in order to increase the state levy on federal and international government grants.

“Others aim to create a rural economy and improve community development; improve the health care delivery system to combat the spread of the COVID-19 pandemic and other dreaded diseases in the state.

“In the budget, the sum of 79.621 billion naira is for capital spending, while 112.017 billion naira is for recurrent spending, an increase of 7.15% over recurrent spending in 2021,” he said. he declared.

The budget breakdown indicated that the economic sector has the highest allocation of 54 percent, social development allocated 29 percent, while environmental and regional development takes 2.60 percent.

Others are; justice has 2 percent and the administration has allocated 12.44 percent.

President Bamidele Oleyelogun, while commenting on the budget, promised that the assembly would do justice to every content of the budget.

The Assembly then turned the budget over to the House Committee on Funding and Appropriation for proper consideration and swift passage.

Source: NAN

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