Ondo State Acting Governor, Hon Lucky Aiyedatiwa, has presented the proposed N384.533 billion 2024 budget to the State House of Assembly.
The budget, named the “Budget of Economic Resilience,” outlines ambitious allocations for various sectors, with infrastructural development taking the lead.
In the presentation before the State House of Assembly, Aiyedatiwa detailed the budget, allocating N212,014,859,647.00 for capital expenditure and N172,518,140,353.00 for recurrent expenditure.
Notably, the infrastructural development sector received the lion’s share, amounting to N95,482,176,340.36, constituting 24.8% of the entire budget proposal.
The acting governor justified the emphasis on infrastructure, citing its pivotal role in stimulating the economy in the upcoming fiscal year.
He revealed that the revenue breakdown included allocations such as Statutory Allocation, Independent Revenue, Value Added Tax, Mineral Derivations, Other FAAC/Excess Crude Revenue, Grants, Other Capital Receipts, and Financing.
Aiyedatiwa acknowledged the current national and global economic challenges, emphasizing the need for strategic fiscal prioritization to target growth drivers and address the impact of fuel subsidy removal and fluctuating exchange rates on citizens.
He also assured an increase in personnel estimates to accommodate the expected wage hike and the continuous implementation of palliative measures to mitigate the effects of fuel subsidy removal.
The budget’s sectoral breakdown highlighted allocations for key areas, with Administration of Justice receiving N16,389,110,486.12 (4.3%), Agricultural Development N31,816,008,874.01 (8.3%), Education N47,729,164,261.85 (12.4%), Environment and Sewage Management N8,551,879,882.87 (2.2%), among others.
Rt Hon Olamide Oladiji, the Speaker, expressed commitment to thoroughly screening the budget, ensuring a meticulous process leading to its passage.
As the state gears up for the fiscal year 2024, the unveiled budget reflects the government’s proactive measures to navigate economic challenges and foster resilience.
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