The Acting Governor of Ondo State, Mr. Lucky Aiyedatiwa, presented the 2024 appropriation bill to the State House of Assembly on Thursday, revealing a total allocation of N384.533 billion for both capital and recurrent expenditure in the upcoming fiscal year. The budget, titled ‘Budget of Economic Resilience,’ allocates N172.5 billion to recurrent expenditure and N212 billion to capital expenditure.
During the plenary session, the Majority Leader, Mr. Oluwole Ogunmolasuyi, moved the motion for the budget proposal’s presentation, seconded by Deputy Speaker Mr. Abayomi Akinruntan.
Addressing the lawmakers, Acting Governor Aiyedatiwa emphasized the need for collective effort to move the state forward, especially in the face of challenges and the removal of fuel subsidies, which is expected to boost revenue from the Federation Account Allocation Committee (FAAC).
“In view of the above fundamentals, coupled with the removal of fuel subsidies, which is expected to translate into more revenue from FAAC for our state, a total budget of only N384,533,000 is being proposed for the 2024 fiscal year,” Aiyedatiwa stated.
He called for the continuous partnership of everyone in achieving the vision set by Governor Rotimi Akeredolu. Highlighting the significance of the budget, Aiyedatiwa disclosed that N95.5 billion, representing 24.8 percent of the total budget, was allocated to infrastructure.
“This is so because it is the sector that will stimulate the economy in the next fiscal year,” he emphasized. The acting governor urged the cooperation of Assembly members in working towards creating a resilient economy for the state, anticipating a positive impact on Ondo’s future.