The Acting Governor of Ondo State, Lucky Aiyedatiwa, submitted a budget proposal of N384.533 billion for the year 2024 to the State House of Assembly on the preceding day.
During a plenary session presided over by Speaker Olamide Oladiji in the Assembly’s hallowed chamber, Aiyedatiwa presented the budget, named ‘Budget of Economic Resilience.’ Capital expenditure was allocated N212.014 billion, while recurrent expenditure received N172.518 billion, with infrastructure receiving the largest portion at N95.482176 billion.
Aiyedatiwa emphasized that the 2024 budget proposal surpasses the total projected budget for the 2023 fiscal year, initially set at N275.979 billion. He revealed that the budget for the outgoing fiscal year had been revised upward to N313.144 billion due to the economic impact of the country’s fuel subsidy removal.
Prepared based on the 2024–2026 Medium-Term Expenditure Framework (MTEF) projection as mandated by the Ondo State Fiscal Responsibility Law of 2017, the 2024 budget will prioritize investment in human capital development and enhance the state’s revenue collection.
Expressing gratitude for the Assembly’s support, Aiyedatiwa wished for the swift recovery of his superior. He also appreciated the unwavering belief, confidence, and cooperation of the state’s residents. Aiyedatiwa informed the lawmakers that the administration would pursue a policy stance promoting excellent service delivery to fulfill the aims and objectives outlined in the 2024 budget proposal.
He highlighted a shift from the traditional approach of crafting a budget document without input from the beneficiaries, stressing the importance of citizen engagement. Stakeholders’ consultative meetings with civil society groups, the private sector, youths, women, vulnerable groups, and traditional rulers across the 18 local government areas contributed to the budget’s formulation.
Speaker Oladiji assured that the Assembly would thoroughly consider the proposal, commending the administration for its comprehensive attention to every sector of the state’s economy.