All set for Ondo 2018 budget presentation - The Hope Newspapers
 

All set for Ondo 2018 budget presentation

Admin 22 Dec, 2017 Featured, News

By Adekola Afolabi & Chris Chimezie
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Barring any last minute hitch, the 2018 fiscal year budget of Ondo State will be presented before the State House of Assembly today.

The state Commissioner for Economic Planning and Budget, Pastor Emmanuel Igbasan, stated this at a press briefing held after the State Executive Council weekly meeting.

Also, the state House of Assembly, has expressed its readiness to receive the budget from the Governor, Arakunrin Oluwarotimi Akeredolu, SAN.

Speaking with journalists yesterday at the Assembly complex, the Speaker of the House, Rt. Hon. Bamidele Oleyelogun, said the Assembly is fully ready and prepared to receive the 2018 budget estimate from the Governor.

According to him, all hands are on deck to ensure a successful presentation of the budget by the Governor, stressing that necessary arrangements have been concluded by the Assembly for smooth budget presentation.

He called on all lawmakers to come as early as possible.

The Speaker had on the floor of the hallowed chamber announced that the Governor had notified the Assembly on his intention to present the 2018 appropriation bill to the Assembly.

Pastor Igbasan while commenting further said the  state Council  also approved the Medium Term Expenditure Framework to be  presented  to the State lawmakers for legislative approval.

Igbasan added that the Framework will cover year 2018 to 2020.

He said the Medium Term Expenditure Framework which was recently domesticated in the state for the first time, is a provision of the law which would enable the state and the budget to perform realistically and efficiently.

Apart from being different from zero budgeting or incremental budgeting, he said its objective to get as closely as possible, an accurate figure that would not be too varied from the actual outcome, when the budget starts running.

The Commissioner further stated that under the newly adopted system, every kobo budgeted for, would have a realistic expectation that it would meet.

“It would enable you to see how you have performed and project, using lots of national and international global planning instruments and forecasting methods to project and arrive at an accurate figure”, he said.

While speaking on the implementation of the outgoing year budget, Igbasan said  the budget has performed averagely.

The average performance of the N170 billion budget according to him, is however not unconnected with the economic situation of the country.

He explained that some states budget implementation depends largely on the inflow of revenue allocation from the Federal Government, which according to him the dwindling economy has affected.

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