The Ondo State House of Assembly passed the N698,659,496,000 billion budget of the state for the 2025 fiscal year on Tuesday.
The budget passed by the legislative is N43,429,496,000 above the N655.23 billion presented to it by Governor Lucky Aiyedatiwa on December 10.
A breakdown of the budget christened the “Budget of Recovery,” indicates that N433,622,000,000 was allocated for capital expenditure, representing 62.06 per cent of the total budget, while N265,037,496,000 was earmarked for recurrent expenditure, which is 47.94 per cent.
The estimates submitted by Mr Aiyedatiwa on December 10 had allocated N248,923 billion, representing 37.99 per cent, to recurrent expenditure, while N406,307 billion, representing 62.01 per cent, was earmarked for capital expenditure.
After the submission of the report of the House Committee on Finance and Appropriation, its chairman, Oluwole Ogunmolasuyi, Owo 1/APC, said the budget increase was necessitated after interactions with ministries, departments and agencies (MDAs) during the budget defence.
Mr Ogunmolasuyi, who is also the House majority leader, added that the committee noted that the hyperinflationary trend had affected, to some extent, the prevailing cost projections highlighted in the estimates presented.
He urged the state government to take all necessary steps to ensure that the internally generated revenue target was realised.
“The state government should ensure that the schedules that accommodate necessary adjustments that are required to meet the urgent needs of the people are conscientiously applied to the needs stated therein,” he said.
Mr Ogunmolasuyi also said that the state ministry of economic planning and budget, ministry of finance in conjunction with Ondo State Internal Revenue Service (ODIRS), should ensure that the desire of the government to boost IGR was pursued in line with the dictates of the extant laws.
Speaking on the budget, the speaker of the House of the Assembly, Olamide Oladiji, said that the brand new Ondo State was guaranteed by the Lucky Aiyedatiwa-led administration.
Mr Oladiji said that the House of Assembly has keyed into the governor’s vision to move the state forward.
He said that the House of Assembly had recorded significant success in 2024, promising that the lawmakers would perform their legislative duties and other assigned roles in ensuring a better state.
The House of the Assembly also passed a bill to amend the status of the Ondo State University of Medical Sciences, Ondo, to the University of Medical Sciences, Ondo.
Similarly, the Anti-Land Grabbing Bill sponsored by Moyinolorun Ogunwumiju, Ondo West 1/APC, was passed by the House of the Assembly.
The House adjourned plenary sitting to January 7, 2025.
(NAN)