Ondo State Governor, Arakunrin Oluwarotimi Akeredolu, SAN has laid before the State House of Assembly the 2018 Appropriation Bill – christened “Budget of Progress” .
The Governor who arrived at the Assembly Complex at exactly 11:00 am as scheduled urged Honourable Members of the State House of Assembly to give the document expeditious treatment.
The breakdown of the budget is as follows :
Crude Oil Benchmark Price per barrel – $45
Average production (Million barrel/day) – 2.300
Inflation Rate (%) – 12.42%
Exchange Rate (N to US$) – 305
Considering these key parameters and assumptions, it is envisaged that revenue will increase just marginally in 2018 compared to 2017 actual figures. In view of the foregoing, a total budget of N171.268 billion has been proposed for 2018 fiscal year.
2018 Revenue Projection
The breakdown of the revenue is as follows:
N ’B’
Statutory Allocation – 25.352 15
Independent Revenue – 18.359 11
VAT – 12.000 7
Roll Over Fund – 6.500 4
Mineral Derivation – 15.537 9
Exchange Gain – 6.126 4
Budget Support Fund – 10.925 6
Refund from FGN on Roads – 10.000 6
Excess Paris Club Refund – 13.156 8
Excess Petroleum Profit Tax – 3.683 2
Credit from Dev Partners – 11.748 7
Grants – 6.687 4
Loans/Leases – 31.195 18
TOTAL = 171.268 100
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