Mimiko signs 2016 budget into law

The Ondo State governor, Dr. Olusegun Mimiko on Monday signed the 2016 Appropriation Bill into law.

This came after the state House of Assembly had passed the budget of N123.7 billion into law last week Wednesday, following its increment from the initial N118billion earlier presented by the governor in February.

With the increment, a sum of N69.194billion which represents 55.93 percent of the total amount was budgeted for recurrent expenditure while a sum of N54.5billion will be spent on a capital expenditure representing 44.07 percent.

At the programme held at the governor’s office, Alagbaka, Akure, the governor said despite the economic challenges facing the state currently, the budget would be implemented towards the continued delivery of dividends of democracy to the people of the state.

“Our usual watchword 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 utilization of all appropriated funds,” Mimiko said.

Commending all stakeholders in the state project for their supports and cooperation since 2009, Mimiko said the present administration will further put the state on the path of sustainable greatness.

The state commissioner for Economic Planning and Budget, Mr. Akin Adaramola said the budget estimates was well scrutinised by members of the House of Assembly to avoid unnecessary errors.