The Governor of Ondo State, Hon. Lucky Aiyedatiwa, on Friday, signed into law the 2024 Appropriation Bill of N395.257 billion, christened “Budget of Economic Resilience “in Akure. The Governor during a short ceremony held at the Exco Chambers of the Governor's Office, said the Budget would focus on economic growth and development of the State.

He highlighted the budget's focus would be on human capital development, environmental sustainability, rural development, and completion of ongoing infrastructural projects initiated by the late former Governor Oluwarotimi Akeredolu. Aiyedatiwa said “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.”

The Governor 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, a 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 would put its shoulder to the wheel to implement the 2024 Budget with the required probity and transparency it deserves."

Acknowledging the recent impact of the petrol subsidy removal, Governor Aiyedatiwa assured the people of the State on measures to mitigate effects. "This administration would continue to put measures in place to cushion the effects until we can weather through the storm, hopefully shortly."

The signing of the N395.25 billion 2024 Budget marks a significant step towards advancing Ondo State's economic agenda, prioritizing human development, and ensuring fiscal sustainability.

In his welcome address, the Commissioner for Budget and Economic Planning, Pastor Emmanuel Igbasan said the budget would offer much-needed relief and economic prospects to the people of Ondo State. He added 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, and other members of the State Executive Council were present.

Sunday Ajibola,

Head Media, Ministry of Economic Planning and Budget.

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