The Acting Governor of Ondo State, Lucky Aiyedatiwa, has presented the 2024 appropriation bill of N384.53 billion to the State House of Assembly tagged the 2024 proposal, Budget of Economic Resilience which was backed by members of the state cabinet.
Penpushing reports the estimate is an N111.8 billion increase over that of the 2023 fiscal year, while the Acting Governor said the budget would be funded majorly from the statutory allocation, VAT, grants and Internally Generated Revenue (IGR).
‘Out of which the sun of One hundred and seventy-two billion, five hundred and eighteen million, one hundred and forty thousand, three hundred and fifty-three naira (N172,518,140,353.00) only, Is for recurrent expenditure, while the balance of two hundred and twelve billion, fourteen million, eight hundred and fifty -nine thousand, six hundred and forty-seven Naira (N212,014,859,647.00) only, Is for capital expenditure for the services of Ondo State,” the bill states.
Penpushing also reports that Aiyedatiwa said if the current drive by all revenue-generating agencies, led by the Ondo State Internal Revenue Service, is sustained, the state can attain the desired level of internal revenue generation
The Acting Governor said the current national and global economic realities had made the government re-order its fiscal priorities to target the growth drivers of the economy to keep it afloat, admitting the negative impacts of fuel subsidy removal and floating exchange rate on the people.
Penpushing reports that he promised that the state government would continue to roll out palliative measures to cushion the effects of the fuel subsidy removal, while the Speaker of the House, Rt Hon Olamide Oladiji, in his response, said Ondo State Government had recorded rapid development and commended the government for giving attention to every sector despite dwindling revenue.
The Speaker promised that the lawmakers would speedily consider and pass the budget after scrutinising it properly, while the budget presentation was attended by members of the State Executive Council, including the Secretary to the State Government, Oladunni Odu, and top party members and government officials.
Penpushing also reports that the budget presentation is coming late largely due to a crisis in the state in the last six months following the ill health of the Governor, Oluwarotimi Akeredolu.
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