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Presenting the 2011 appropriation bill before the 26-member House of Assembly, Dr Mimiko,  said that the budget was without the Excess Crude Account following ongoing efforts to institute a Sovereign Wealth Fund.

Also, the government which refrained from loans this year, however said it would source for N25b long term funds from the Capital Market to finance key development initiatives in 2011 with an assurance that no loan would be taken without obtaining the consent of the Lawmakers.

The total recurrent expenditure for the 2011 budget,  according to the governor,  is N56.8billion representing 30.73 percent increase over the current year's budget of N43.45billion.

The governor noted that this was as a result of the wage increase envisaged for next fiscal year.

He said that N81.6billion was earmarked for capital expenditure which is inclusive of a statutory grant of N7.2billion to OSOPADEC.

The estimates include statutory allocation N38billion Internally Generated Revenue, IGR N12billion Value Added Tax, VAT,  N8billion, Roll-over funds from 2010 budget N5billion, Mineral Derivation fund N18billion Grants/Credit from Development Partners N5billion, Refund from government on repairs of Federal roads N1billion, Sundry Income N25billion, Education Trust Fund N.5billion and loans N25b

He pointed out that government would concentrate more on completion of on going projects and less  on Star projects and  also intensify efforts at meeting the Millennium Development Goals and the vision 20:2020 of the state.

The break down of the busget shows that the Social Service Sector took the lion share of the budget -N23.377billion representing 31percent. This is  followed by the Economic Sector with N23.594 billion representing 28.8 percent, Environmental and Regional Development got N22.147 billion representing 27.11 percent and Administration,  N10.574billion representing 12.94 percent.

Funds were allocated for key initiatives as follows:   Agriculture;  N4.955billion, promotion of commerce and industry;  N3.840billion, Enhancement of Electricity;  N1.053billion, Road construction and maintenance; N13.745billion, Education;  N12.406billion,Health Services;  N4.511billion, Water supply;  N5.47 billion, Social, Community Development and Security Infrastructures N9.64b,Lands, housing and Environment N6.722b, OSOPADEC N7.2b, and Judiciary N1b.

Governor Mimiko said that N1.92 billion has been earmarked for the payment of pensions and gratuity for retired workers in the state while the contributory pension scheme is expected to take off in the state next year.

He said that the policy trust of the 2011 budget  include increase revenue generation without unnecessary burden on the people, job creation, continue revamping of dead industries, installation of gas infrastructure backbone to catalyze industrialization and the consolidation of quality education school system.

Others include completion of the iconic event centre, deepening investment in health, completion of the on going Residency smart card project, provision o drinking water, provision of Micro Credit to artisans, agricultural entrepreneurs and market women, continuation of work on the development of the deep sea port, provision of Emergency Medical services and massive investment in Urban and general security infrastructures.

Dr Mimiko pointed out that when all the initiatives are fully implemented 'Ondo State will witness a massive transformation that will propel it towards achieving the Millennium Development Goals and the targets in the states Medium Term Implementation Plan.