The Ondo State Governor, Lucky Aiyedatiwa, on Friday, signed the 2024 appropriation bill into law shortly after the State House of Assembly passed the bill into law.
Aiyedatiwa (then an acting governor) presented a sum of N384.5billion to the Assembly last week but the House passed a sum of N 395.257billion, indicating that a sum of over 10 billion was being added to the initial amount presented.
Apart from Governor Aiyedatiwa, other governors who signed their 2024 budgets into law are Ogun State Governor, Dapo Abiodun; Governor Hyacinth Alia of Benue State and their counterpart from Adamawa State, Ahmadu Fintiri.
For the Ondo State budget tagged, ‘Budget of economic resilience’, a sum of N222,259,827,500.00 was earmarked for the capital expenditure, while the recurrent expenditure gulped N172,997,172,500.00.
Speaking on the budget, Aiyedatiwa confirmed that the House had painstakingly considered the budget and passed the same, commending them for the detailed scrutinisation and prompt passage of the appropriation bill.
He said, “After extensive deliberation involving interface with all MDAs and the judiciary, the size of the approved budget for 2024 stands at N395, 257,000, 000.00 only. Out of this amount, a sum of N222,259,827,500.00 only, representing 56.23 percent is for capital expenditure while a sum of N172.997,172,500.00 only, representing 43.77 percent is to cover the recurrent expenditure.”
Similarly, Abiodun also on Friday, signed an Appropriation bill of N703.028 billion into law after the state’s lawmakers had earlier on Thursday passed the budget reviewing the capital and recurrent expenditures as well as projected revenue of 18 Ministries, Departments and Agencies.
The review led to a reduction in total revenue target of government from N210.248bn to N198.748bn giving a reduction of N11.5bn, while revenue from the excess crude was jacked up from N3.845bn to N13.845bn resulting in an increment of N10bn, just as capital receipt was moved from N128.372bn to N136.872bn giving an upward review of N8.5bn.
Speaking after the signing of the budget into law, Abiodun described the budget as the highest in the history of the state and that it would be fully implemented for the development of the state.
He assured that the budget would be used to further drive sustainable growth and improve the standard of living of the people of the state, stimulate economic activities, create job opportunities, and enhance the overall socio-economic landscape of the state by attracting more investment as well as assist his government to deliver on its promises and fulfill its obligation to the people, stating that the current administration had achieved 70% implementation of its annual budget in the last five years.
The Speaker of the state House of Assembly, Olakunle Oluomo, had earlier said that the Appropriation Bill was received on November 30 but its quick passage was made possible through the commitment and dedication of his colleagues.
In Benue State, Governor Alia also assented to the state’s 2024 budget which had a total sum of N225bn with N110bn allocated for recurrent expenditure representing 48.9 percent of the total sum, while the capital head is N115bn which represents 51.1 per cent of total budget, passed to law by the State House of Assembly on Thursday.
The governor revealed that the budget had a deficit financing of N34bn representing 15.3 percent of the total budget sum, noting that the budget would mark a significant journey towards the progress and prospects of the state.
He said, “It is a road map that will chart the course for the economy to flourish and enjoyment of life for the citizenry. We are determined to enhance accessibility for the citizens. It is a beacon of hope for job creation and a resilient economy.
“We intend to stimulate the economy in small and medium businesses, virgin industry and create an environment conducive for economic growth, and address poverty. It is a comprehensive approach to poverty by focusing on the well-being of the people.”
Meanwhile the governor of Adamawa State, Ahmadu Fintiri, in his remarks during the signing of the N225.893bn 2024 budget, appreciated the lawmakers of the state for accelerating the passage of the bill.
He promised utmost fiscal discipline and transparency in the implementation of the budget, presenting the budget as offering something for each of the 21 local governments in terms of their developmental needs.
The budget tagged ‘Budget of Reengineering’ had N111.3bn representing 49.3% for recurrent services, while N114.5bn representing 50.7% was to cover capital expenditure.
The budget which is higher than the N214.2bn budget appropriated in 2023 is articulated on the current economic indicators of Oil Production Benchmark; 1.78 million Barrels Per Day, oil Price Benchmark; $77.96/barrel, Exchange Rate; N750/$, National Real GDP Growth Rate; 3.75% and National Inflation Rate; 21.5%.
Governor Fintiri had earlier this month laid the proposed budget estimate of N225.8bn on the floor of the Assembly, noting that the estimate was in line with the state’s Medium-term Expenditure Framework and Fiscal Strategy Paper.
Speaking at the budget signing, the state Commissioner for Budget and Economic Planning, Mr Emmanuel Piridimso, said the budget signed by the governor would bring developments to the state and be channeled towards achieving the 8-point agenda of the state government.
Source | Punchng
