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Ondo State Unveils ₦384.5 Billion ‘Economic Resilience’ Budget for 2024

  • Aiyedatiwa presented a ₦384.533 billion budget for Ondo State in 2024, focusing on economic resilience.
  • The budget allocates N212.014 billion for projects, N172,518 billion for regular expenses, with N95,482,176 billion for infrastructure.
  • The 2024 budget is higher than 2023’s and emphasizes human development, revenue, and citizen engagement for better services.

Acting Governor of Ondo State, Lucky Aiyedatiwa, unveiled a N384.533 billion budget for the 2024 fiscal year before the state House of Assembly on Thursday evening.

Aiyedatiwa presented the “Budget of Economic Resilience” during a plenary sitting led by Speaker Olamide Oladiji, with N212,014 billion allocated for capital expenditure and N172,518 billion for recurrent expenditure.

Infrastructure claimed the major portion, with N95,482,176 billion.

Emphasizing that the 2024 budget proposal surpasses the 2023 fiscal year’s total projected budget of N275,979 billion, Aiyedatiwa revealed the upward revision of the outgoing fiscal year’s budget to N313,144 billion due to the economic impact of fuel subsidy removal.

He highlighted that the 2024 budget aligns with the 2024–2026 Medium-Term Expenditure Framework, mandated by the Ondo State Fiscal Responsibility Law of 2017. The focus will be on human capital development and revitalizing the state’s revenue collection.

Aiyedatiwa, expressing gratitude for the Assembly’s support, extended appreciation to the people of the state, outlining the administration’s commitment to excellent service delivery through policy initiatives.

“In continuation and consolidation of our citizens’ engagement drive, which we initiated in 2018, stakeholders’ consultative meetings with civil society groups, the private sector, youths, women, and vulnerable groups, and our traditional rulers across the 18 local government areas were held, and their inputs were harvested into the 2024 budget being presented today,” he said.

Speaker Oladiji pledged justice to the proposal, commending the administration for its comprehensive attention to every sector of the state’s economy.

Yusuf Olajide

As a skilled content writer and journalist, Yusuf Olajide possesses a keen eye for uncovering emerging trends and translating them into captivating narratives that engage readers and spark curiosity.

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