Governor Olusegun Mimiko of Ondo State on Monday signed the State’s 2016 Appropriation Bill of N123.7 billion into law with a pledge to ensure full implementation.
The News Agency of Nigeria reports that the budget comprises a recurrent estimate of N69.19 billion, representing 55.93 per cent, and a capital estimate of N54.5 billion, representing 44.07 per cent, of the estimates.
Mimiko pointed out that a key challenge to budget implementation was inadequacy of fund, which had been quite precarious of late.
According to him, this is not unconnected with the dwindling oil revenue, which incidentally provides about 90 per cent of the country’s revenue receipts.
The governor said: “It has, therefore, become rather imperative for us to seek to maximize our revenue receipts, continue to explore other sources, while at the same time minimizing non-essential expenditure.
“I assure that despite the challenges before us, this budget will be implemented towards the continued delivery of dividends of good governance to our people.
“Our usual watchwords of accountability and prudence in the management of public fund would be passionately embraced to give good value for every naira spent and to ensure judicious utilisation of all appropriated funds.
“I am optimistic that the oversight function of the legislators will further enhance the proper implementation of the budget.”
The governor expressed gratitude to the legislators, the state judiciary and all stakeholders for their unalloyed support and cooperation since his government came on board in 2009.
“I enjoin you to continue to keep faith with the present administration as we take Ondo State further on the path of sustainable greatness,” Mimiko said.