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On Tuesday, the Ondo State House of Assembly passed the State’s 2025 Appropriation Bill, jerking it up by N43.4 billion.
The bill was passed after the House approved a total estimate of N698,659,496,000, out of which N265,037,496,000 (47.94 per cent) is dedicated to recurrent expenditures, while 433,622,000,000 (62.06 per cent) is earmarked for capital expenditure.
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A proposal of N655,230 billion was initially presented last week by Governor Lucky Aiyedatiwa.
Committee chair speaks
The Chairman, House Committee on Finance and Appropriation, Oluwole Ogunmolasuyi, while presenting the report of his committee said the budget was reviewed upwards to reflect the current economic realities.
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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 N43.43 billion “was approved to address essential needs.”
The committee recommended that the government take all necessary steps to ensure that the expected independent revenue target is attained and that the schedules that accommodate necessary adjustments required to meet the urgent needs of the people of Ondo State are conscientiously applied to the needs, among others.
Speaker’s comment
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 hoped the budget would improve the state’s economic fortunes.
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A breakdown of the governor’s budget showed that infrastructural development received a total allocation of N238.57 billion, about 36.4 per cent of the total budget.
This is closely followed by education, which received N77 billion (11.8 per cent); agriculture, N56.1 billion (8.6 per cent); and Health, N46 billion (7 per cent).
Earlier in his speech, Mr Aiyedatiwa said the budgetary allocation is an eloquent testimony of his commitment to transforming the socio-economic landscape of the state.
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