2018 Budget: Ondo migrates to Multi- year budgeting

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Ondo State Government has migrated from a single year budgeting to multi-year budgeting process as it completed the preparation of the draft for the medium term budgeting instruments for the 2018-2020 plan period.

The state Commissioner for Economic Planning and Budget, Pastor Emmanuel Igbasan, made this known while speaking at the 2018 Budget stakeholders' Workshop held in Akure, Ondo State capital.

Igbasan said the migration is a key element of  Mr Governor's reform process, particularly the budgetary process,  following  the  signing of  the Fiscal Responsibility Law.

This, he said, is to engender a sense of ownership and to allow knowledge sharing.

"It will also avail government the opportunity to present government's strategic objectives in the  medium term. At the end, we will be able to achieve requisite balance between government's strategic objectives and expectations from the public", he noted.

He appreciated the Governor for the support given to the budgetary process and in approving the public parley to further harvest inputs from the public.

The Permanent Secretary of the Ministry of Economic Planning and Budget, Mr. Chris Kolawole, who spoke with The Hope shortly after the workshop,  said stakeholders have been educated on the workings of the process, how  it affects them and they have been taken through the revenue projection of government in the next three years as well as expenditure projection  for them to make meaningful contributions to avoid talking out of track anywhere they are.

Government, he said, expects positive response from them in redoubling their efforts on revenue generation at their different MDAs and to reduce cost through effective management.

He said the state is looking towards the multi year budgeting because there are some projects that may not be completed within one year.

"Now, we have used it to plan for 2018, by the time we want to plan for 2019, the budget of 2018 will now be a base line.

Budget, he said,  is done because situations keep changing and assumptions may change at any time, giving the example of the fluctuating exchange rate of naira to dollar which he said could affect budget.

Multi-budget process, Kolawole stressed, will help provide stability and predictability of budget.

He gave kudos to the government for making it a reality and the stakeholders for catching up fast as well as members of the ministry,  for what he described as a perfect job.

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