Posted by Thursday night, Lucky Aiyedatiwa, acting governor of Ondo State, presented a proposed budget of N384.533 billion to the State House of Assembly for the year 2024.
In the sacred chamber of the Assembly, during a plenary session chaired by Speaker Olamide Oladiji, Aiyedatiwa presented the “Budget of Economic Resilience” to the legislators.
The acting governor said that a total of N172,518 billion was allocated for ongoing expenses and N212,014 billion for capital expenditures, with the majority of the amount going toward infrastructure.
A total of N95,482,176 billion.
Noting that the proposed budget for 2024 is greater than the total projected expenditure for the 2023 fiscal year (N275,979 billion), he revealed that the previous year’s budget was increased to N313,144 billion in response to the country’s economic situation, which was precipitated by the fuel subsidy’s removal.
He went on to say that in accordance with the Ondo State Fiscal Responsibility Law of 2017, the state’s proposed budget for 2024 will be restructured to prioritize investments in human capital development and use the results of the 2024–2026 Medium-Term Expenditure Framework (MTEF) as a basis for planning.
Aiyedatiwa thanked the Speaker and other Assembly members for the assistance the administration has received and hoped for his boss’s rapid recovery.
The acting governor reminded the lawmakers that the administration will pursue a policy stance that will entrench and enable excellent service delivery in order to fulfill the goals and objectives of the 2024 budget proposal. He also expressed his gratitude to the people of the state for their unwavering belief, confidence, and cooperation.
He announced the 2024 budget, saying it was “in continuation and consolidation of our citizens’ engagement drive, which we initiated in 2018.” The plan included stakeholder consultation meetings with groups from various sectors, including civil society, the private sector, youths, women, and vulnerable populations, as well as traditional rulers from each of the 18 LGAs.
In praising the administration for what he called the “undiluted attention accorded every sector of the state’s economy,” Speaker Oladiji promised that the assembly will do credit to the idea.