Aiyedatiwa presents N655.230b 2025 budget to Ondo Assembly
By Awodeyi Elizabeth
Ondo State Governor, Lucky Aiyedatiwa has presented a budget proposal of six hundred and fifty five billion, two hundred and thirty million naira N655,230,000,000).for the 2025 fiscal year to the State House of Assembly.
The budget christened, “Budget of recovery” was presented to the lawmakers during plenary presided over by the Speaker, Olamide Oladiji at the Assembly Complex, Akure on Tuesday.
The sum of N248.923 billion representing 37.99 of the total budget is for recurrent expenditure, while N406.307billion representing 62.01 percent of the budget Is for capital expenditure.
The 2025 budget proposal is higher than that of 2024 which was N395,257 billion.
The breakdown of the budget showed that infrastructural development has the largest chunk with N238,572,909,233.28b representing 36.40 percent , followed by
Public finance with N125,456,285,779.16b representing 19 percent, Education has N77,024,033,451.63b, representing 11.80 percent,
Agricultural development got N56,102,434,114.38b representing 8.60 percent.
Also,administration of justice got N132,163,456.32billion, representing 2.80 percent of the budget.Trade and industry sector received N8,839,458,236.02 billion amounting to 1.30 percent of the budget.while Health got N46,015,790,620.18 billion, put at 7.00 percent, and Environment and Sewage Management had N13,083,674,902.30 billion representing 2.00 percent.
Equally, General Administration received N34,397,587,521.07 representing 5.20 percent, Information got N3,230,174,522.26 representing 0.50 percent , Legislative Administration received N7,636,475,953.87 billion (1.20 percent), Public Finance, N125,456,285,779.16 billion (19 per cent), Regional Development, N8,869,405,568.33 billion (1.40 percent), Community Development got N14,127,620,746.90 billion ( 2.20 per cent), while Energy received N3,741,985,094.30 billion (0.60 percent).
In his address, Governor Aiyedatiwa expressed his gratitude to the people of Ondo State for their overwhelming support during the recent elections and for maintaining peace throughout the electoral process.
The governor began his speech by acknowledging the legacy of his predecessor, the late Arakunrin Odunayo Oluwarotimi Akeredolu, SAN, CON.
He emphasized that the achievements of the past 12 months under his leadership have been instrumental in securing the trust of the electorate.
“By the grace of God, we have delivered on our promises, and we now seek to consolidate our gains through the 2025 Budget,” Governor Aiyedatiwa stated.
He further expressed appreciation for the dedication of the state House of Assembly, particularly its efforts in passing the 2024 Revised Appropriation Bill, which had responded to the challenges posed by the removal of fuel subsidies and the economic downturn.
Governor Aiyedatiwa highlighted that, despite global economic challenges, including a slowdown in growth and high inflation, his administration has made significant progress. He referred to the state’s agricultural development initiatives, infrastructure projects, and human capital development, which have been central to the administration’s priorities.
The Governor outlined significant strides in the state’s energy and infrastructure sectors, alongside a comprehensive overview of the 2024 and 2025 budgets during the presentation at the State House of Assembly.
A major highlight of the Governor’s address was the procurement of the Ondo State Mass Metering Scheme, known as the O’Datiwa Meter. This initiative aims to ensure better electricity distribution in areas that have long been without reliable energy.
Aiyedatiwa added that the state has issued an interim Independent Electricity Distribution License to Anyingba Independent Electricity Distribution Company, authorizing them to operate in the Southern Senatorial District, covering the towns of Ese-Odo, Irele, Okitipupa, and Ilaje. The Governor emphasized that this move would enhance electricity distribution and improve the quality of service in these underserved regions.
Additionally, he said the state has issued a provisional license to BEDC Electricity Ondo Limited, a subsidiary of Benin Electricity Distribution Company, in line with new regulations by the Nigerian Electricity Regulatory Commission (NERC). This will allow the company to take over electricity management in Ondo State, effective from October 2024.
The Governor also provided an update on the 2024 fiscal year, highlighting a significant upward revision of the state’s budget from N395.257 billion to N492.045 billion due to the impact of inflation and the removal of fuel subsidies. Despite these challenges, revenue collection showed a strong performance with N352.1 billion collected by the third quarter, representing 71.56% of the total target. However, capital expenditure performance was affected by inflation, with the state reporting N49.957 billion in capital expenditure by the end of the third quarter.
Looking ahead, Governor Aiyedatiwa unveiled the 2025 budget, named the “Budget of Recovery,” aimed at addressing the socio-economic challenges facing the state and ensuring the prosperity of its people. The proposed budget of N655.230 billion is built on key priorities, including enhanced infrastructure, agricultural development, and socio-economic welfare.
One of the key components of the 2025 budget is a robust focus on improving food security, expanding human capital development, and fostering infrastructure growth. The Governor also emphasized a shift towards more sustainable economic models, including the development of a blue economy, greater investments in renewable energy, and a focus on education and human capital development.
The state’s revenue projections for 2025 have been conservatively estimated, with a focus on improving independent revenue generation through automation of revenue collection processes. The expenditure plan includes N406.3 billion (62%) allocated to capital development, reflecting the administration’s commitment to infrastructural and economic transformation.
Governor Aiyedatiwa further reiterated his administration’s commitment to completing ongoing projects and fostering a more prosperous future for Ondo State, with the 2025 budget serving as a critical tool in achieving these goals.
In his address, the Speaker of the House of Assembly, is Chief Olamide Oladiji commended the governor for his giant strides and resilience which was a testimony recorded with resounding victory at the poll.
He added that the budget would be seriously scrutinized in ensuring that it actually transform the lives of every citizen in the state .
He assured, on behalf of his colleagues, that the 2025 Budget Proposal would be given accelerated consideration.
COMMENTS