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'Ondo Spent N6.4bn On Capital Projects Since 2003' From Funso Muraina in Akure Ondo State government has spent a total sum of N6.398 billion on capital projects since the inception of the Agagu administration in May 2003. This was disclosed by the Commissioner for Finance and Economic Planning, Mr Tayo Alasoadura while giving breakdown of the state finances in the month of July 2003 at Akure, the state capital. Alasoadura said the sum of N2.063 billion accrued to the state from the federation account and Informally Generated Revenue (IGR) for the period under review. According to the commissioner, the state's share of statutory allocation amounted to N1.312 billion which both the 15 per cent oil mineral derivation allocation and Value Added Tax (VAT) accruals totalled N886.6. He said that a total sum of N175.8 million accrued to the state coffers from IGR sources as well as from interest on fixed deposits in various banks. "Out of the available sum, a total of N803.7 million or 40.17 per cent would be expended as personnel costs." Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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