The Ondo State House of Assembly has passed a N698.66 billion budget for the 2025 fiscal year with an increase of N43.43b.
Recall that the initial budget presented by Governor Lucky Ayedatiwa was N655.23billion.
According to the approved budget, N433.62 billion (representing 62.06 per cent of the total) is allocated for capital expenditure, while N265.04 billion (47.94 per cent) is earmarked for recurrent expenditure.
Presenting the report on the “Budget of Recovery,” the Chairman of the House Committee on Finance and Appropriation, Oluwole Ogunmolasuyi (representing Owo Constituency 1), explained that the increase was necessitated by interactions with Ministries, Departments, and Agencies, MDAs, during budget defence sessions.
Ogunmolasuyi, who also serves as the House Majority Leader, noted that the hyperinflationary trend had significantly impacted cost projections in the initial budget estimates.
He emphasized that the Ondo State Ministry of Economic Planning and Budget, along with the Ministry of Finance and the Ondo State Internal Revenue Service, ODIRS, must ensure that efforts to boost internally generated revenue align with the provisions of existing laws.
Speaking on the budget, the Speaker of the Ondo State House of Assembly, Olamide Oladiji, affirmed the Assembly’s commitment to supporting the governor’s vision for advancing the state. He also highlighted the significant successes recorded by the Assembly in 2024.
