In a decisive move towards financial planning and economic recovery, the Ondo State House of Assembly has passed a comprehensive budget of N698.66 billion for the fiscal year 2025. This figure represents an increase of N43.43 billion from the initial budget proposal of N655.23 billion, which was put forward by Governor Lucky Aiyedatiwa.
The “Budget of Recovery,” as it’s aptly named, delineates a strategic allocation of funds aimed at catalyzing development within the state. Out of the total budget, a substantial N433.62 billion, or 62.06 percent, is dedicated to capital expenditure, signaling a strong commitment to infrastructure and development projects. Conversely, N265.04 billion, accounting for 47.94 percent, is set aside for recurrent expenditure, covering operational costs and salaries.
Oluwole Ogunmolasuyi, the Chairman of the House Committee on Finance and Appropriation, who also represents Owo Constituency, elucidated the rationale behind the budget increment during the presentation of the committee’s report. He highlighted that the adjustments were made following detailed budget defence sessions with various Ministries, Departments, and Agencies (MDAs). Ogunmolasuyi, doubling as the House Majority Leader, pointed out the significant influence of hyperinflation on the original cost projections, necessitating a more realistic budget to meet current economic realities.
He further stressed the vital role of the Ondo State Ministry of Economic Planning and Budget, the Ministry of Finance, and the Ondo State Internal Revenue Service (ODIRS) in ensuring that the state’s revenue generation strategies are robust and compliant with existing legal frameworks. This focus on increasing internally generated revenue is pivotal for sustainable state financing.
The Speaker of the Ondo State House of Assembly, Olamide Oladiji, expressed unwavering support for Governor Aiyedatiwa’s vision for state advancement. Reflecting on the Assembly’s achievements in 2024, Oladiji conveyed optimism about the transformative impact of the 2025 budget. He underscored the importance of legislative-executive synergy in driving the state forward, promising continued diligence in legislative duties to ensure the budget’s success.
This budget approval not only signifies a step towards economic recovery but also demonstrates a proactive legislative approach to adapting financial plans in response to economic variables like inflation. It sets the stage for Ondo State to embark on a path of significant development, with a keen focus on both immediate recovery efforts and long-term growth.
I think the budget is way too high! Why not focus on investing in key sectors instead of just throwing money around?
Investing in key sectors requires funding. Its strategic, not reckless spending.
Is this budget really going to benefit the average citizen or just line the pockets of politicians? 🤔
Unfortunately, it seems like its more about the politicians than the average citizen. Typical.
Why are we spending so much on infrastructure when there are still so many people struggling to afford basic necessities? Prioritize wisely!
Infrastructure is essential for progress. Its about investing in the future for all.
Why are we even approving such a massive budget? We should focus on grassroots development instead of flashy numbers.
I think the budget allocation for 2025 is excessive. Why not focus on quality over quantity? Just my two cents.
I think the budget is too high! Why not focus on grassroots development instead of flashy projects? Priorities, people!
I dont get why they approved such a huge budget! Are they planning to build a space station or what? 🚀🤷♂️
Why are we approving such a huge budget when there are pressing needs in the state? Prioritize wisely!
Maybe because investing in our future is a priority too. Balance is key.
Why are we approving such a massive budget? Are we sure it will benefit everyone in Ondo State? #BudgetDebate
I think the budget is too big! Why not focus on more targeted investments for better impact? Just my two cents.
Big budgets allow for more comprehensive solutions. Targeted investments may not address all needs.
I think the budget is excessive. Why not allocate more funds to education and healthcare instead? Priorities, people!
Education and healthcare are important, but a strong budget supports all sectors. Balance is key.
I think they should invest more in education and healthcare instead of infrastructure. People matter more than roads.
Infrastructure is crucial for economic growth and mobility. A well-rounded investment approach is key.