Ondo State Governor Lucky Aiyedatiwa on Tuesday presented a budget proposal of N655 billion for the fiscal year 2025 to the state House of Assembly for consideration and approval. 

Mr Aiyedatiwa made the presentation at a plenary session with the lawmakers presided over by the Speaker, Olamide Oladiji. 

A check showed that the 2025 budget christened “Budget of Recovery” is higher than the 2024 budget, which was N395.257 billion.

In the proposed 2025 budget, the Ondo State government allocated N406.307 billion, representing 62.01% for capital expenditure and N248.923 billion, representing 37.99 % for recurrent expenditure. 

A breakdown of the budget showed that infrastructural development had the largest allocation with N238.572 billion (36.40%), featuring construction and renovation of roads followed by public finance with N125.456 billion (19%), education had  N77.024 billion (11.80%), and agricultural development got N56.102 billion (8.60%).

Also, the administration of Justice is allocated N13.163 billion (2.80%), trade and industry took N8.839 billion (1.30%), health N46.016 billion (7.00%), and environment and sewage management N13.084 billion (2.00%).

Additionally, the general administration received N34.398 billion (5.20%), information N3.230 billion (0.50%), legislative administration N7.636 billion (1.20%), regional development N8.869 billion (1.40%), community development N14.128 billion (2.20%), and energy N3.742 billion (0.60%).

Mr Aiyedatiwa said that the budget proposal was aimed at addressing the state’s socio-economic challenges and ensuring prosperity for the people. 

He explained that the budget proposal focused more on enhanced infrastructure, agricultural development, and socio-economic welfare while also highlighting various progress works in the state despite the global economic challenges and the high inflation. 

The governor vowed to prioritise food security, expanding human capital development, fostering infrastructure growth, and adopting sustainable economic models such as the blue economy, renewable energy investments, and education development.

He, however, reiterated his administration’s commitment to completing ongoing projects and fostering a more prosperous future for the state, with the 2025 budget serving as a critical tool.

The speaker praised Mr Aiyedatiwa for presenting a comprehensive and forward-thinking budget proposal for 2025, promising to give it speedy approval to meet the yearnings and aspirations of the people. 

Peoples Gazette recalls that last year, the state assembly passed a budget of over ₦395 billion for the 2024 fiscal year, indicating both recurrent and capital expenditure.

However, the 2024 budget proposal was later jerked up by over ₦10 billion by the assembly lawmakers, bringing the budget to ₦492.045 billion.