Ondo State government on Wednesday said that several lost funds have been recovered into the state government’s coffers and accrued interest paid.
The Commissioner for Finance, Mr Wale Akinterinwa said Governor Oluwarotimi Akeredolu’s prudent management of resources helped to stabilise the state financially that salaries were paid as at when due.
Speaking in a chat with journalists in Akure, Akinterinwa said several billions of naira have been mobilised into the State to fund for infrastructural needs and other financial needs.
He said the assemblage of a think thank team led to increment in Internally Generated Revenue surpassing budget in all years since the inception of Akeredolu’s administration.
The Finance Commissioner who listed achievements recorded since 2017 said restructuring of the old bond was carried out to free more cash for government spending besides raising another N30bn from both the capital market and private placements.
He said Governor Akeredolu paid six months out of outstanding seven months’ salary arrears inherited from previous administration, as well as payment of several billions in pension and gratuity arrears.
His words, “We have surpassed our IGR budget with several billions of naira and revamped the Land Use Charge for improved revenue generation. Government investment portfolio was restructured for capital gains and increased revenue generation.
“There has been affective and efficient management and allocation of government resources even as we improved efforts to source for cheap funds in form of grants, donations and
loans from donor, and development partners.
“We have sourced for cheap funds from financial institutions to augment government’s resources whenever the need arises and advised the Governor on effective and efficient allocation of state’s resources.”