The Proposed budget for the 2023 fiscal year, provided to the state house of assembly by Oluwarotimi Akeredolu, governor of Ondo State, is N 272.736 billion.
According to Governor Akeredolu, the budget labeled “budget of shared prosperity” exceeds the 2022 budget more than 189 billion naira.
Its capital expenditure of 143 billion naira, 53% of the budget, and recurrent expenditure of slightly more than 129 billion naira, 47.38% and 57.38% of the budget, respectively, are intended to improve the road network in urban and rural areas, increase security, and increase the quantity, quality, and accessibility of safe water for domestic, commercial, and industrial uses.
The budget according to Gov AKEREDOLU has an estimated revenue of 272.736 billion naira which would be funded majorly from the statutory allocation, vat, grants, IGR among others making it a balanced budget for the 2023 fiscal year.
The 2023 budget objectives and targets, according to Governor Akeredolu, are aimed at promoting stability and security, raising standards of instruction at all educational levels, democratizing access to health care through sustained infrastructure and system improvements, and other goals that will benefit the state.
In a same vein, Governor Akeredolu stated that the budget would uphold principles, ensure fiscal restraint, and also fully utilize the economy’s potential by guaranteeing that goods produced through industrial and agricultural operations have access to both domestic and foreign markets.
Responding the speaker , Mr Bamidele Oleyelogun commended the governor for the efforts to steadily bridge the gap of infrastructure in the state.