“Ondo State Unveils Ambitious N384.5bn ‘Budget of Economic Resilience’ for 2024”

Acting Governor of Ondo State, Lucky Aiyedatiwa, has presented a robust budget proposal of N384.533 billion for the year 2024 to the State House of Assembly. Themed as the “Budget of Economic Resilience,” the proposal highlights strategic allocations for capital and recurrent expenditures, signaling a strong commitment to state development.

In the plenary sitting presided over by Speaker Olamide Oladiji, Aiyedatiwa emphasized the importance of infrastructure, allocating N95,482,176 billion, the lion’s share of the budget, to this vital sector. Capital expenditure is earmarked at N212,014 billion, while recurrent expenditure stands at N172,518 billion.

Aiyedatiwa noted that the 2024 budget proposal surpasses the total projected budget outlay for the 2023 fiscal year, reaching N384.533 billion. He explained that the 2023 fiscal year’s budget was revised upward to N313,144 billion due to economic challenges following the removal of fuel subsidy.

The acting governor highlighted the focus of the 2024 budget, emphasizing investment in human capital development and the revamping of the state’s revenue collection. Aligned with the Ondo State Fiscal Responsibility Law of 2017, the proposal is crafted on the projection of the 2024–2026 Medium-Term Expenditure Framework (MTEF).

Expressing gratitude to the Assembly and the people of the state, Aiyedatiwa assured the commitment of the administration to excellent service delivery. He praised the support received and mentioned the inclusive approach in developing the budget, incorporating inputs from various stakeholders across the 18 local government areas.

Speaker Oladiji assured that justice would be done to the proposal, commending the administration for its comprehensive attention to every sector of the state’s economy. The budget presentation reflects Ondo State’s determination to navigate economic challenges and foster resilience in the face of evolving circumstances.

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