NB247
The Ondo State House of Assembly on Tuesday passed the State’s 2025 Appropriation Bill, jerking it up by N43.4billion.
The bill was read the third time After after the house approved a total estimate of N698,659,496,000 of which N265,037,496,000 (47.94%) is for recurrent expenditures, while 433,622,000,000(62.06%) is earmarked for capital expenditure.
A proposal of N655,230 billion was initially presented last week by Governor Lucky Aiyedatiwa.
The Chairman, House Committee on Finance and Appropriation, Oluwole Ogunmolasuyi, while presenting the budget report of his committee said that the budget was reviewed upwards to reflect the current economic realities.
He said the new figures would cater for the effects of the removal of fuel subsidy, fluctuating exchange rates and the recent minimum wage increase.
According to him, while the committee avoided granting additional requests from MDAS, except in critical areas, the increase in the budget by N43.43billion “was approved to address essential needs.”
The committee recommended that the State Government should take all necessary steps to ensure that the expected independent revenue target is attained and ensure that the schedules which accommodate necessary adjustments that are required to meet the urgent needs of the people of Ondo State are conscientiously applied to the needs, among others.
The Speaker, Olamide Oladiji, reiterated the determination of the legislative arm of government to continue to work harmoniously for the overall interest of the people of Ondo State at all times.
He said he was optimistic that the budget would turn around the economy fortunes of the State for good.
A breakdown of the budget presented by the governor showed that infrastructural development received a total allocation of N238.57billion, which is about 36.4 per cent of the total budget.
This is closely followed by education which received N77billion(11.8%); Agriculture, N56.1billion(8.6%); and Health, N46billion(7%).
In his budget speech, Mr Aiyedatiwa said the budgetary allocation is an eloquent testimony of his commitment to transforming the socio-economic landscape of the State.