Governor Rotimi Akeredolu of Ondo State Governor, on Wednesday, signed the 2023 budget of N275, 979 Billion tagged ‘Budget of Shared Prosperity’ into law.

This was consequent upon the legislative approval and passage of the budget proposal by the state House of Assembly.

The governor had on December 5, 2022, presented a total budget proposal of N272.736 Billion to the State House of Assembly but the assembly, however, passed a budget of N275, 979,184, 000.00.

As explained by the chairman, House committee on Appropriation Committee, Hon. Akintomide Akinrogunde, the budget was increased considering the the current economic realities in the country.

Governor Akeredolu, while signing the 2023 appropriation bill into law, noted that N129, 839 billion, representing 47 per cent of the total budget is to cater for recurrent expenditure, while N146,140 billion, representing 52.99 per cent is for capital development.

Akeredolu explained that, the budget was prepared from the contribution garnered from the people during the Town Hall meetings with various Stakeholders across the state.

He made it known that the Budget preparation was also based on the REDEEMED agenda of his administration, which he said was the guidepost for the development of the state.

The governor described as heartwarming, the recent ranking of Ondo State as the State with the least poverty index in the country.

Akeredolu, who decried the lean revenue from the Federation Accounts Allocation Committee (FAAC), assured that his administration will strive to logically implement the 2023 budget to the letter.

“In line with the global best practices, we have strategically cut down the overhead costs and other miscellaneous expenses in order to free funds for Development Programmes and Projects.

“In broad view, the 2023 Budget package is made up of transformative infrastructural projects, inclusive social-economic interventions in healthcare, education, job creation and empowerment, and industry enablers, among others, for our state.

“I solicit the understanding of the people of the state and enjoin them to pay their taxes.

” I also solicit the support of all the MDAs, particularly the revenue-generating ones to cooperate with the State Internal Revenue Service in order to shore up the State’s Independent Revenue that will engender growth and development in the coming fiscal year.” He said.

He appreciated the leadership and members of the House of Assembly, members of the state executive council, and dedicated technocrats who have continued to improve on the existing standards in the state.

Earlier, the Speaker of the House of Assembly, Rt. Hon. Bamidele Oleyelogun commended the governor for the priority attention given to all sectors of the economy of the State.

Oleyelogun said:” The pace of infrastructural development in the State is highly noticeable despite the paucity of funds. All these are manifestatio.n.s of Mr Governor’s strong resolve and determination to take this State to the level he envisioned.

He also commend the governor “for the timely presentation of this fiscal document which led to its early passage