The Acting Gov. Lucky Aiyedatiwa of Ondo State on Thursday presented N384,533,000,000.00 billion 2024 budget to the Ondo State House of Assembly.
Hon. Oluwole Ogunmolasuyi, APC/Owo 1, the Majority Leader of the House of Assembly, moved a motion for the budget to be presented and it was seconded by Hon. Abayomi Akinterinwa, APC/Ilaje 1.
Aiyedatiwa said that the budget tagged Budget of Economic Resilience, was prepared on the premise of stakeholders’ contributions and their inputs were involved.
He said that the capital expenditure would gulp N212,014,859,647.00 while the recurrent expenditure would take N172,518,140,353.00
According to him, the recurrent expenditure projection of the budget will have N59,211,247, 665,.00 for salaries and wages while overheads will take N42,172,446,600.00.
He added that the state debt servicing projection is N16,316, 930,000.00; grants and contributions is N14,547,476,300.00; social contribution and social benefits would take N19,064,602,824.00 while statutory transfers would gulp N21,205, 436, 964.00.
The acting governor explained that the government expected revenue would come from statutory allocation of N45,367,453, 580.00, independent revenue:N33,039, 332, 950.00, value added tax N30,301,829,040.00
Others are: Mineral Derivations:N30,524,211,875.00,
Other FAAC/Excess Crude Revenue: N100,439,986,003,Grants: N43,700,000,000; Other Capital ReceiptN25,100,000,000 and
He said that infrastructural development would take the highest percentage of 24.8 followed by public finance with 21.4 per cent while Information Sector would have the least budgetary allocation of 0.6 per cent.
Aiyedatiwa thanked the people of the state for their unwavering support and cooperation for the administration, extending his appreciation to all traditional and religious leaders.
He added that the House of Assembly had provided the right collaborative atmosphere to continue to initiate and implement bold reforms that had engendered inclusive growth and foster development in the state.
Responding, the Speaker of the House of the Assembly,Rt. Hon. Olamide Oladiji, commended the acting governor for the presentation of the budget, saying that the event was in tandem with the 1999 constitution as amended.
Oladiji said that the proposal was for the overall interest of the people of the state, charging the lawmakers to do justice to the fiscal bill.
He expressed his gratitude to President Bola Tinubu, the national leadership of APC and all stakeholders in the state for their concern and commitment towards the peaceful resolution of the political crisis which rocked the state.
The bill was, therefore, committed to the Committee of Finance and Appropriation after it sailed through Second Reading.