The Ondo state Governor , Hon. Lucky Aiyedatiwa, on Friday signed into law the 2024 Appropriation bill of N395.257 billion, christened Budget of Economic Resilience.
The Governor, who assented to the bill shortly after it was passed by the State House of Assembly, said the budget will focus on economic growth and development of the State.
In his speech, Governor Aiyedatiwa highlighted the budget’s focus on human capital development, environmental sustainability, rural development, and completing ongoing infrastructural projects initiated by the late former Governor Oluwarotimi Akeredolu.
The governor said that “the size of the approved Budget for 2024 stands at Three Hundred and Ninety-Five Billion, Two Hundred and Fifty-Seven Million Naira (N395,257,000,000.00). Out of this amount, a sum of Two Hundred and Twenty-Two Billion, Two Hundred and Fifty-Nine Million, Eight Hundred and Twenty-Seven Thousand, Five Hundred Naira (N222,259,827,500.00) only, representing 56.23% is for Capital Expenditure while a sum of One Hundred and Seventy-Two Billion, Nine Hundred and Ninety-Seven Million, One Hundred and Seventy-Two Thousand, Five Hundred Naira (N172.997,172,500.00) only, representing 43.77% is to cover the Recurrent Expenditure.”
He added that “the focus of this Budget is human capital development… we would keep meeting salary, pension and gratuity obligations… Emphasis would also be placed on climate change, clean and sustainable environment, rural development, and food security.”
The Governor expressed gratitude to members of the State Assembly for their swift passage of the bill and emphasized the need for transparency in implementing the budget, stressing that “the Executive Arm of Government will put its shoulder to the wheel to implement the 2024 Budget with the required probity and transparency it deserves.”
Acknowledging the recent petrol subsidy removal’s impact, Governor Aiyedatiwa assured the people of the State on measures to mitigate effects, affirmed: “this administration would continue to put measures in place to cushion the effects until we are able to weather through the storm, hopefully shortly.”
The signing of the N395.25 billion 2024 Budget marked a significant step towards advancing Ondo State’s economic agenda, prioritizing human development, and ensuring fiscal sustainability.
In his remarks, Mr. Emmanuel Igbasan, Ondo state Commissioner for Budget and Economic Planning ,said the budget will offer much-needed relief and economic prospects to the people of Ondo State, adding that “this budget of economic resilience aims to provide the people with the succor and economic hope they deserve.”
The Speaker of the House of Assembly, Rt. Hon. Olamide Oladiji, led members of the Assembly to the event while the Secretary to the State Government, Princess Oladuni Odu, the Chief of Staff to the Governor, Chief Olugbenga Ale, Commissioner for Finance, Mr. Wale Akinterinwa and other members of the State Executive Council were present.
