In a plenary sitting presided over by Speaker Olamide Oladiji, Acting Governor Lucky Aiyedatiwa of Ondo State presented a budget proposal of N384.533 billion for the year 2024 to the State House of Assembly on Thursday evening.
Titled the “Budget of Economic Resilience,” the proposal allocates N212.014 billion for capital expenditure and N172.518 billion for recurrent expenditure, with infrastructure receiving the largest share of N95.482 billion.
Aiyedatiwa highlighted that the 2024 budget proposal surpasses the total projected budget outlay for the 2023 fiscal year, which stood at N275.979 billion.
He noted that the budget for the outgoing fiscal year was 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) as required by the Ondo State Fiscal Responsibility Law of 2017, the budget prioritizes investment in human capital development and aims to improve the state’s revenue collection.
Aiyedatiwa, expressing gratitude for the support of the Assembly and the people of the state, emphasized the administration’s commitment to delivering excellent service.
He also highlighted the involvement of various stakeholders in the budget’s preparation, including civil society groups, the private sector, youths, women, vulnerable groups, and traditional rulers from the 18 local government areas.
In response, Speaker Oladiji assured that the Assembly would give due consideration to the budget proposal and commended the administration for its comprehensive approach to economic development across all sectors in the state.
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