Ondo State Governor Oluwarotimi Akeredolu yesterday signed this year’s Appropriation Bill into law.
On Monday, the House of Assembly approved a budget of N170 billion.
After signing the appropriation bill, the governor said debt service would gulp N8.127 billion, while statutory transfers would take N8.374 billion.
The governor said the recurrent expenditure is N95.159 billion and capital expenditure is N59.187 billion.
According to him, the state is facing a serious financial challenge due to low Internally Generated Revenue (IGR).
He said his administration would adopt new strategies to improve revenue generation.
Akeredolu said his administration was aware of the challenges the state was facing on budget implementation because of paucity of funds.
He said: “We are, however, determined to improve our fiscal circumstances substantially through revenue generation.”
The governor, who stressed the need to invest into the future, pledged that the state’s tax base would be expanded to generate more revenue.
He solicited the residents’ cooperation to enable his administration realise the dream of the state.
Speaker Bamidele Oloyelogun said a N168 billion budget was presented to the Assembly.
After scrutiny, he said, the Assembly adjusted the budget to N170 billion.
The Speaker said the adjustment was meant to cater for the needs of the state-owned tertiary institutions.
Akeredolu warned civil servants against what he called unscrupulous acts.
The governor, who expressed displeasure at the attitude of some workers, regretted that some of them were fraudulent.
He threatened to sack workers involved in fraud and other financial crimes that could undermine their oaths of allegiance.
Akeredolu said: “We shall not fail to deal decisively with any civil servant found guilty. I believe in due process and, as a lawyer, I love litigations.
So, if I decide to sack any civil servant, you are free to go to court. I am not afraid to fight the cankerworm that has eaten deep into our system.”
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