The Ondo State House of Assembly has approved a budget of for the 2025 fiscal year.
This marks a ₦43.43 billion increase from the ₦655.23 billion proposal initially presented by Governor Lucky Aiyedatiwa earlier in December.
Labeled the “Budget of Recovery,” the financial plan prioritizes capital projects, allocating ₦433.62 billion, or 62% of the total budget, to development initiatives.
Recurrent expenditure will take up ₦265.04 billion, making up the remaining 38%.
The adjustments were made after discussions with various ministries and agencies, reflecting the economic pressures of inflation and revised project costs.
Lawmakers emphasized the need for improved revenue generation to meet the ambitious goals.
They urged state bodies, including the Ondo State Internal Revenue Service, to ensure effective collection processes and compliance with financial regulations.
In addition to passing the budget, the assembly approved amendments to the status of the Ondo State University of Medical Sciences and enacted a bill aimed at curbing land grabbing in the state.
The legislative session was adjourned until January 7, 2025.
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