On December 29, 2023, Ondo State Governor, Lucky Aiyedatiwa, made a significant move by signing the state’s 2024 Appropriation Bill into law. This pivotal action highlights the state’s commitment to economic resilience and development. The bill, initially presented as a budget estimate of N384 billion, was aptly titled the “Budget of Economic Resilience,” reflecting the government’s focus on sustainable growth amid challenging economic conditions.
Governor Aiyedatiwa, during the signing ceremony in Akure, emphasized that the bill was finalized following comprehensive discussions and collaborations with various government bodies and Ministries, Departments, and Agencies (MDAs). The 2024 budget, as reported by the News Agency of Nigeria (NAN), is strategically allocated with N222.99 billion dedicated to capital expenditure, which is about 56.23% of the total budget, and N172.26 billion earmarked for recurrent expenditure, representing 43.77%.
The governor underscored the budget’s focus on critical areas such as human capital development. He expressed gratitude towards the Speaker and the lawmakers for their meticulous examination and swift passage of the bill. The budget is designed to address pressing issues like climate change, fostering a cleaner and more sustainable environment, promoting rural development, and ensuring food security. Moreover, it allocates resources for the completion of ongoing legacy infrastructural projects initiated by the late Governor Rotimi Akeredolu.
Governor Aiyedatiwa assured the public of the government’s commitment to executing the 2024 budget with the utmost probity and transparency. He announced that the details of the budget would be accessible on the Ondo State portal, www.ondobudget.org, facilitating public access and monitoring. This move aligns with the state government’s REDEEMED Agenda, focusing on implementing people-centered projects and programs. The governor also highlighted the administration’s efforts to enhance revenue generation while reducing recurrent costs, considering the current economic realities.
Amidst these developments, Governor Aiyedatiwa called for the citizens’ understanding and cooperation, particularly regarding the temporary challenges arising from the recent petrol subsidy removal. He reassured the public that the government is actively implementing measures to alleviate these effects as the state navigates through the economic challenges.
The budget signing ceremony also included a moment of solemn remembrance for the late former Governor Oluwarotimi Akeredolu, who had passed away on Wednesday, acknowledging his contributions to the state.
Earlier, the Commissioner for Economic Planning and Budget, Pastor Emmanuel Igbasan, commended the State Assembly for their due diligence throughout the budget process. He acknowledged the Assembly’s role in ensuring active participation from all MDAs, which was crucial in shaping a comprehensive and effective budget.
This budget signing marks a significant step for Ondo State in its journey towards economic resilience and sustainable development. The thoughtful allocation of resources towards capital and recurrent expenditures reflects a balanced approach to addressing immediate needs while investing in long-term infrastructure and human capital development. The transparency measures introduced by Governor Aiyedatiwa, such as making the budget details publicly available for monitoring, signify a commitment to good governance and accountability. As the state looks forward to the implementation of this budget, it sets a precedent for responsible financial management and strategic planning in the pursuit of economic growth and stability.
