Ondo State House of Assembly Approves N698.66 Billion Budget for 2025 Fiscal Year.

In a significant legislative move, the Ondo State House of Assembly has approved a budget of N698.66 billion for the 2025 fiscal year. This marks an increase of N43.43 billion from the initial proposal of N655.23 billion submitted by Governor Lucky Aiyedatiwa.

The approved budget allocates N433.62 billion, or 62.06 percent of the total, for capital expenditure, while N265.04 billion, representing 37.94 percent, is designated for recurrent expenditure. This allocation reflects the Assembly’s commitment to enhancing the state’s infrastructure and services.

Chairman of the House Committee on Finance and Appropriation, Oluwole Ogunmolasuyi, who also serves as the House Majority Leader, presented the budget report titled the “Budget of Recovery.” He explained that the increase was driven by extensive consultations with Ministries, Departments, and Agencies (MDAs) during the budget defense sessions. Ogunmolasuyi further noted that the prevailing hyperinflationary environment had significantly affected the cost projections in the initial budget estimates.

In his remarks, Ogunmolasuyi urged the Ondo State Ministry of Economic Planning and Budget, the Ministry of Finance, and the Ondo State Internal Revenue Service (ODIRS) to enhance efforts in boosting internally generated revenue, ensuring compliance with existing laws.

Speaker of the Ondo State House of Assembly, Olamide Oladiji, reiterated the Assembly’s dedication to supporting the governor’s vision for the state’s advancement. He also highlighted the notable achievements of the Assembly throughout 2024, underscoring a collaborative effort towards the state’s development.

As Ondo State moves forward with this budget, the focus on capital expenditure and revenue generation will be critical in addressing the challenges posed by economic fluctuations and ensuring sustainable growth.