In a significant move set to shape the economic landscape of Ondo State, Acting Governor Lucky Aiyedatiwa presented a bold budget proposal of N384.533 billion for the year 2024 to the State House of Assembly. The proposal, aptly named the “Budget of Economic Resilience,” underscores the administration’s commitment to fortifying the state’s financial foundation in the face of evolving economic challenges.
The allocation breakdown reveals a strategic focus on capital and recurrent expenditures, with N212.014 billion earmarked for capital projects and N172.518 billion for recurrent expenses. Of the total capital expenditure, infrastructure garners the lion’s share, with a substantial N95.482176 billion devoted to bolstering the state’s vital structural elements.
Aiyedatiwa emphasized that the 2024 budget proposal surpasses the total projected budget outlay for the 2023 fiscal year, which stood at N275.979 billion. He further disclosed that the budget for the outgoing fiscal year was revised upward to N313.144 billion, driven by the country’s economic realities following the removal of fuel subsidy.
Notably, the 2024 budget proposal aligns with the 2024–2026 Medium-Term Expenditure Framework (MTEF), as mandated by the Ondo State Fiscal Responsibility Law of 2017. A pivotal aspect of the proposal centers on elevating human capital development and revitalizing the state’s revenue collection efforts, positioning Ondo State for sustainable growth and prosperity.
Extending well wishes for the swift recovery of his superior, Aiyedatiwa lauded the Speaker and other assembly members for their unwavering support. He also expressed gratitude to the citizens of Ondo State for their steadfast belief, confidence, and cooperation. The administration’s overarching policy stance is aimed at enhancing service delivery and solidifying its engagement with diverse stakeholders, fostering a comprehensive consultative approach.
Speaker Olamide Oladiji assured that the proposal would receive meticulous consideration from the assembly, acknowledging the administration’s comprehensive attention to every facet of the state’s economy.
As the “Budget of Economic Resilience” sets the stage for Ondo State’s sustainable progress, Aiyedatiwa’s presentation underscores a concerted effort to navigate economic headwinds and steer the state towards a prosperous, resilient future.
