Ondo State Governor, Lucky Aiyedatiwa, has presented a budget proposal of six hundred and fifty-five billion, two hundred and thirty million naira (N655,230) for the 2025 fiscal year to the State House of Assembly.
The budget, christened the “Budget of Recovery,” was presented to lawmakers during plenary, presided over by the Speaker, Olamide Oladiji, at the Assembly Complex in Akure on Tuesday.
The sum of N248.923 billion, representing 37.99% of the total budget, is allocated for recurrent expenditure, while N406.307 billion, representing 62.01% of the budget, is earmarked for capital expenditure.
The 2025 budget proposal is higher than the 2024 budget, which stood at N395.257 billion.
A breakdown of the budget shows that infrastructural development has the largest allocation with N238.572 billion, representing 36.40%, followed by public finance with N125.456 billion (19%), education with N77.024 billion (11.80%), and agricultural development with N56.102 billion (8.60%).
Additionally, the administration of justice is allocated N132.163 billion (2.80%), trade and industry N8.839 billion (1.30%), health N46.016 billion (7.00%), and environment and sewage management N13.084 billion (2.00%).
Equally, 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%).
In his address, Governor Aiyedatiwa expressed gratitude to the people of Ondo State for their overwhelming support during the recent elections and for maintaining peace throughout the electoral process.
He began by acknowledging the legacy of his predecessor, the late Arakunrin Odunayo Oluwarotimi Akeredolu, SAN, CON, emphasizing that the achievements of the past year under his leadership have secured the trust of the electorate.
“By the grace of God, we have delivered on our promises, and we now seek to consolidate our gains through the 2025 Budget,” Governor Aiyedatiwa stated.
He further appreciated the state House of Assembly for their dedication, particularly in passing the 2024 Revised Appropriation Bill, which addressed the challenges posed by the removal of fuel subsidies and the economic downturn.
The governor highlighted the state’s progress despite global economic challenges, including a slowdown in growth and high inflation. He noted achievements in agricultural development, infrastructure projects, and human capital development as central priorities of his administration.
A major highlight of the Governor’s address was the procurement of the Ondo State Mass Metering Scheme, known as the O’Datiwa Meter, aimed at improving electricity distribution in underserved areas.
He announced that the state has issued an interim Independent Electricity Distribution License to Anyingba Independent Electricity Distribution Company, authorizing them to operate in the Southern Senatorial District, covering the towns of Ese-Odo, Irele, Okitipupa, and Ilaje. This, he said, would enhance electricity distribution and service quality.
Additionally, a provisional license has been issued to BEDC Electricity Ondo Limited, a subsidiary of Benin Electricity Distribution Company, in line with new regulations by the Nigerian Electricity Regulatory Commission (NERC). The company will take over electricity management in Ondo State effective October 2024.
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. 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.
Looking ahead, the governor unveiled the 2025 budget as a “Budget of Recovery,” aimed at addressing socio-economic challenges and ensuring prosperity for the people. The proposed budget focuses on enhanced infrastructure, agricultural development, and socio-economic welfare.
Key priorities 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.
The governor reiterated his administration’s commitment to completing ongoing projects and fostering a more prosperous future for Ondo State, with the 2025 budget serving as a critical tool.
In his response, the Speaker of the House of Assembly, Chief Olamide Oladiji, commended the governor for his resilience and achievements, which contributed to his resounding electoral victory.
He assured the public that the budget would be scrutinised thoroughly to ensure it positively impacts every citizen. The Speaker also pledged accelerated consideration of the 2025 Budget Proposal by the Assembly.
(Hope Newspaper)