Ondo State Governor Olusegun Mimiko presented yesterday a budget of N130billion to the House of Assembly for consideration.
The budget estimate, according to the governor, was reduced by 23 per cent compared to last year’s budget of N168billion.
He hinged the reduction on the prevailing economic reality in the country and the “global economic downturn”.
Mimiko said N77 billion was budgeted for Recurrent Expenditure; N53billion was earmarked for Capital Expenditure.
The analysis of the budget estimate showed that the economic and social sectors have the lion share, with...
30 per cent of the budget allocated to the sectors; law and justice have the least share with 0.66 per cent.
He said the government’s functions have been classified on sectoral basis for better understanding and in line with international best practices and proposed N16billion for the economic sector, N9.1billion for social services, N11billion for environment and regional development, N0.35billion for law and justice, N2.69billion goes to administration and N13.7billion for debt servicing.
SOURCE: THE NATION
