Akeredolu Signs 2023 Budget Of N275.979Bn Into Law

Ondo governor Rotimi Akeredolu has signed the 2022 appropriation bill of N275.979billion into law.

Akeredolu, on December 5, 2022, presented a total budget proposal of N272.736 billion to the State House of Assembly for approval and passage.

But the Assembly, however, passed a budget of N275,979,184,000, which was subsequently signed into law by the governor.

The chairman, House committee on Appropriation Committee, Akintomide Akinrogunde said the budget was increased in cognizance of the current economic realities in the country.

Governor Akeredolu, while signing the 2023 appropriation bill into law, noted that N129, 839 billion, representing 47 percent of the total budget is to cater for recurrent expenditure, while N146,140 billion, representing 52.99 percent is for capital development.

The governor said: “In line with the global best practices, we have strategically cut down the overhead costs and other miscellaneous expenses to free funds for Development Programmes and Projects.