Just In : Ondo Assembly passes N313b reordered budget
The Ondo State House of Assembly yesterday passed the amendment of the 2023 State appropriation bill totaling N313,144,925,923 into law.
The House equally passed the amendment of 2023 Ondo State Oil Producing Areas Development Commission (OSOPADEC) into law.
The two bills were passed after scaling through the third reading at a plenary presided over by the Speaker, Olamide Oladiji.
The House had last week committed the bills to the House Committee on Finance and Appropriation, and the OSOPADEC bill to the joint Committees on Finance and Appropriation and OSOPADEC, for proper scrutiny.
The bill amended the 2023 appropriation bill and authorized the issue from the consolidated revenue fund of Ondo State of Nigeria, a sum of N313,144,925,923.
On the bill, the sum of NI63,248,130,333 and N149,896,795,650 as recurrent and capital provisions respectively.
The total Annual Budget size of N275,971,100 was increased by N37,173,741,983.
The Chairman House Committee on Finance and Appropriation, Oluwole Ogunmolasuyi while submitting the report of the Committee said that the Committee observed that schedules (i) and (ii) of 2023 Appropriation Law for Ondo State were altered by accommodating the excess fund realised from the removal of Oil Subsidy aimed at cushioning the effect of the removal on the economy.
He noted that the supplementary proposal majorly aimed at clearing all domestic arrears like backlog of salaries, wages award, palliatives, outstanding debts to contractor with a view to ameliorating the effect of the Subsidy removal on the economy.
Also, the bill amended the 2023 Ondo State Oil Producing Areas Development Commission (OSOPADEC) appropriation law to make provision for the sum of N3,253,600 out of which the sum N284,600,000 is for recurrent expenditure and the sum of N2,969,000,000 is for capital expenditure for the services of OSOPADEC for the year ending, December 31, 2023.
Presenting the report on the OSOPADEC bill, the Chairman, House Committee on OSOPADEC, Oluwatoyin Allen said that during the scrutiny of the details of the Budget proposal, the joint Committees observed that the increment of revenue on 40% of 13% oil derivation due to removal of oil subsidy was in tandem with the provision for OSOPADEC in the 2023 Budget of the State.
The Committees recommended that all on-going and abandoned projects of the Commission should, by the adoption of
(PPP), be given accelerated attention so as to get them completed for the use of the people in the mandate area.
Earlier, the Majority Leader, Oluwole Ogunmolasuyi moved a motion for the two bills to be passed into law which was seconded by the Deputy Majority Leader, Princess Oluwatosin Ogunlowo-Ajirotutu, while that of OSOPADEC was seconded by the lawmaker representing Akure South constituency 2, Stephen Abitogun.
The Speaker noted that the bills will enhance socio-economic development and further improve the living standard of the people of the State.
He commended Governor Oluwarotimi Akeredolu for the bills and the Standing Committees for properly scrutinizing the bills to meet global best practice.
According to him, the supplementary budget will complement the year 2023 budget performance for all round development.
He said that the management of OSOPADEC should not rely solely on the 40% of 13% oil derivation fund but be more creative in their collaboration with both local and international organizations/donors so as to meet the expectation of citizens of the state, especially the people from the mandate area.
