Ondo state pension of former governors and their deputies in would consume N10.916bn in this year’s budget.
Ondo state Commissioner for Economic Planning and Budget, Mr Emmanuel Igbasun, said this in Akure while analyzing the 2021 budget.
Mr Igbasan said that the N174.873bn Ondo 2021 budget has provision for N69.915 for capital projects and N79.084 for recurrent expenditure.
According to commissioner of economic planning and budget ” the payment of pension to former Governors and Deputy Governors would continue as the sum of N10.916bn has been set aside for payment of pensions and gratuities.
He explained that the planned Ondo deep seaport would gulp the sum of N525m while N608m would be expended on drilling of boreholes and other water scheme projects.
On expected revenue, Igbasun said the state hoped to raise N28.778bn from Internally Generated Revenue adding that efforts would be geared towards expanding the fiscal space by broadening the tax base.
He said “in order to maintain and sustain all the laudable capital projects being put in place by the present administration, adequate provision was made for maintenance recurrent expenditure in 2021 budget.
“This budget is intended to help us realise our collective dreams and aspirations for the state while working in partnership with the private sector.
Igbasan said, ” It is our belief that the full and proper implementation of the provisions of the 2021 budget will lead us towards becoming a society that is self-reliant and less dependent of statutory transfers from the federation account.”