Ondo State Governor, Hon. Lucky Aiyedatiwa on Tuesday presented a budget proposal of Six Hundred and Fifty-Five Billion, Two Hundred and Thirty Million Naira (N655,230) billion for the 2025 fiscal year to the State House of Assembly.
Governor Aiyedatiwa, while presenting the budget tagged: “Budget of Recovery” to the lawmakers during a plenary sitting presided over by the Speaker of the House, Rt. Hon. Olamide Oladiji, at the Assembly Complex in Akure said the sum of N248.923 billion, representing 37.99% of the total budget, is allocated for recurrent expenditure.
The governor further disclosed that N406.307 billion, representing 62.01% of the budget, is earmarked for capital expenditure.
LEADERSHIP reports that the 2025 budget proposal as presented by Governor Aiyedatiwa was higher than the 2024 budget which was N395.257 billion.
The breakdown of the budget proposal indicates that infrastructures development has the largest allocation with N238.572 billion, representing 36.40%; this was followed by public finance with N125.456 billion (19%), education with N77.024 billion (11.80%), and agricultural development at N56.102 billion (8.60%).
While the administration of justice got N13.163 billion (2.80%), trade and industry got N8.839 billion (1.30%), health N46.016 billion (7.00%), and environment and sewage management N13.084 billion (2.00%).
Also, general administration receives N34.398 billion (5.20%), information N3.230 billion (0.50%), legislative administration N7.636 billion (1.20%), regional development N8.869 billion (1.40%), community development N14.128 billion (2.20%), and energy N3.742 billion (0.60%).
Addressing the members of the Assembly, Governor Aiyedatiwa provided an update on the 2024 fiscal year, highlighting a revision of the state’s budget from N395.257 billion to N492.045 billion due to inflation and the removal of fuel subsidies.
He said, “Despite challenges, revenue collection reached N352.1 billion by the third quarter, representing 71.56% of the total target. However, ‘capital expenditure performance was impacted by inflation, with N49.957 billion reported by the end of Q3.”
Expressing the resolve of his administration to make life easier for the people of the state, Aiyedatiwa said the proposed budget focuses on enhanced infrastructure, agricultural development, and socio-economic welfare.
He disclosed that part of the key priorities of the budget include improving food security, expanding human capital development, fostering infrastructure growth, and adopting sustainable economic models such as the blue economy, renewable energy investments, and education development.
According to him, “This is in line with our campaign slogan for the recently concluded Ondo State gubernatorial election of 16th November 2024 in which we recorded an unprecedented victory in all the 18 Local Governments of the State.”
Aiyedatiwa further hinted that his administration is fully determined to explore the economic reform agenda of the federal government as encapsulated in the Renewed Hope Agenda of President Bola Tinubu and the enormous goodwill and entrepreneurial enthusiasm of the Ondo people in the best possible way to record an economic upturn in the New Year.
