Ondo State Governor, Olusegun Mimiko yesterday presented a budget estimate of N130 billion to the state House of Assembly for consideration and approval.
The budget estimate, according to the governor, reduced by 23 percent compared with the N168 billion 2014 budget of the state.
The reduction in this year’s budget, the governor explained, was due to the prevailing economic realities in the country and the global economic downturn.
Giving a breakdown of the budget estimate, Mimiko said N77 billion was budgeted for recurrent expenditure, while a total of N53 billion was earmarked for capital expenditure.
An analysis of the budget estimate indicates that the economic and social sectors got the lion share with 30 percent of the budget allocated to them, while law and justice got the least share of 0.66 percent.
Mimiko, who lamented that the dwindling crude oil price was affecting the economy of the state like other states of the federation, stated that efficient management of public funds would ease the current economic pressure.
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