The Acting Governor of Ondo State, Mr Lucky Aiyedatiwa, on Thursday, presented an appropriation bill of N384.533 billion for the 2024 fiscal year before the state House of Assembly.
Mr Oluwole Ogunmolasuyi, APC/Owo 1, the Majority Leader of the Assembly, moved a motion for the budget to be presented and it was seconded by Mr Abayomi Akinterinwa, APC/Ilaje 1.
Aiyedatiwa said that the budget tagged, `Budget of Economic Resilience’, was prepared on the premise of stakeholders’ contributions and inputs.
He said that the capital expenditure would gulp over N212,015 billion while N172,518 billion was allocated to recurrent expenditure.
According to him, the recurrent expenditure projection of the budget has N59,211,247, 665,.00 for salaries and wages while overheads will take N42,172,446,600.00.
He said that the state debt servicing projection was N16,316, 930,000.00; while grants and contributions was allocated N14,547,476,300.00.
Also, social contribution and social benefits would take N19,064,602,824.00 while statutory transfers would gulp N21,205, 436, 964.00, Aiyedatiwa said.
The acting governor explained that the government expected revenue from statutory allocation amounting to N45,367,453, 580.00, Internally Generated revenue: N33,039, 332, 950.00, and value added tax of N30,301,829,040.00.
Others are: Mineral Derivations:N30,524,211,875.00, FAAC/Excess Crude Revenue; N100,439,986,003 Grants N43,700,000,000; Other Capital Receipt N25,100,000,000 and Financing N76,060,186,552.
He said that infrastructural development would take the highest percentage of 24.8 per cent 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 people of the state for their unwavering support and cooperation with the administration, and extended his appreciation to all traditional and religious leaders.
He added that the 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, Speaker of the Assembly, Mr 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 budget should be of interest to all the people of the state, and urged 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 sent to the Committee of Finance and Appropriation after it sailed through Second Reading for proper legislative scrutiny.
