Gov Mimiko Signs 2016 Budget Into Law

Gov. Olusegun Mimiko of Ondo on Monday signed the State’s 2016 Appropriation Bill of N123.7 billion into law with a pledge to ensure full implementation.The budget comprises a recurrent estimate of N69.19 billion, representing 55.93% and a capital estimate of N54,5billion, representing 44.07% of the estimates. Mimiko pointed out that a key challenge to budget implementation was inadequacy of fund which had been quite precarious of late. According to him, this is not unconnected with the dwindling oil revenue, which incidentally provides about 90% of the country’s revenue receipts. The governor said, “it has, therefore, become rather imperative for us to seek to maximize our revenue receipts, continue to explore other sources, while at the same time minimizing non-essential expenditure.