Government  earmarked N81.521 billion for recurrent expenditure and N68.096 for capital expenditure.

The governor said the budget reflected the collective aspiration of the people of the state and  captured the essence of his administration’s blueprint.

He added that the document was christened “Budget of Progress” in order to achieve the programmes contained in his administration’s Strategic Development and Policy Implementation.

According to him, his administration will pursue activities targeted at encouraging productivity and creation of real opportunity for the people in the next fiscal year.

He said the sustained efforts would create wealth for the people.

The governor, therefore, asked the state Assembly to give the budget realistic scrutiny before approval.

He praised the legislative arm  for passing into law all the Public Financial Management bills  which had been pending before the House for six years.

His words: “The 2018 budget is designed to achieve stability, fiscal reprioritization and consolidation to create the base for sustainable growth and development.

“It is focused on reversing the growth of debt, unsustainable deficits and the burden of interest payments which is almost unsustainable.

The 2018 budget estimates will focus on rebuilding the state’s economy through prioritized investment on infrastructural facility and agriculture-related activities.”

The governor listed the objectives of the 2018 budget as  intensifying efforts on independent revenue initiatives, massive infrastructural development, wealth creation through empowerment of youths, artisans, farmers and market women; and enhancing the community development through improved collaboration with communities, among others.

On the revenue projection for the 2018, Akeredolu said his administration was mindful of the challenges posed by inadequate revenue to accomplish the budget’s objective, pointing out that he had commissioned some consultants to complement the existing efforts on revenue generation and collection.

His words: “The expected increase in the contribution of independent revenue to total revenue cannot be achieved in a day and as such would be gradual. Hence, revenue inflow from the Federation Account will still contribute the larger portion of the total collectible revenue for the state.”

The Speaker of the State House of Assembly, David Oleyelogun, described the budget as life-touching .

He promised the governor that the House would be given expeditious and necessary approval, adding that the House would support efforts aimed at implementing the budget for the benefit of the people of the state. – The Nation