Posted by Amarachi on Fri 22nd Dec, 2023 - tori.ng
According to the acting governor, N212,014 billion was budgeted for capital expenditure and N172,518 billion for recurrent expenditure, with infrastructure getting the lion’s share of N95,482,176 billion.
Lucky Aiyedatiwa
Acting Governor of Ondo State, Lucky Aiyedatiwa, presented on Thursday evening, a N384.533 billion budget for the 2024 fiscal year before the state House of Assembly.
Aiyedatiwa presented the “Budget of Economic Resilience” to the lawmakers in the hallowed chamber of the Assembly during a plenary sitting presided over by the Speaker, Olamide Oladiji.
According to the acting governor, N212,014 billion was budgeted for capital expenditure and N172,518 billion for recurrent expenditure, with infrastructure getting the lion’s share of N95,482,176 billion.
While stressing that the 2024 budget proposal is higher than the total projected budget outlay for the 2023 fiscal year, which was N275,979 billion, he disclosed that the budget for the outgoing fiscal year was revised upward to N313,144 billion due to the economic situation of the country, which was triggered by the removal of fuel subsidy.
He further stated that the 2024 budget proposal, which was prepared on the projection of the 2024–2026 Medium-Term Expenditure Framework (MTEF), as required by the Ondo State Fiscal Responsibility Law of 2017, will focus on investment in human capital development as well as the rejigging of the state’s revenue collection.
Aiyedatiwa, who prayed for the quick recovery of his boss, commended the Speaker and other members of the Assembly for the support enjoyed by the administration.
The acting governor, who equally appreciated the people of the state for their unflinching belief, confidence, and cooperation, informed the lawmakers that in fulfilling the aims and objectives of the 2024 budget proposal, the administration will pursue a policy stance that will entrench and enable excellent service delivery.
“In continuation and consolidation of our citizens’ engagement drive, which we initiated in 2018, stakeholders’ consultative meetings with civil society groups, the private sector, youths, women, and vulnerable groups, and our traditional rulers across the 18 local government areas were held, and their inputs were harvested into the 2024 budget being presented today,” he said.
Speaker Oladiji, who assured that justice would be done to the proposal by the assembly, commended the administration for what he described as the undiluted attention accorded to every sector of the economy in the state.