News

AIYEDATIWA PRESENTS N384.53 BILLION BUDGET FOR 2024

*** Says, We are Targeting Growth drivers to Quickly fix and Reflate the Economy.

Ondo State Acting Governor, Hon Lucky Aiyedatiwa on Thursday presented an N384.53 Billion appropriation bill to the State House of Assembly for the 2024 fiscal year.

The “Budget of Economic Resilience” is made up of Recurrent expenditure of N172.51 Billion and Capital expenditure of N211.01 Billion.

The State envisage N384.53 Billion for the year.

Infrastructure Development sector takes a chunk of the budget proposal with N95.48 Billion, while Public Finance comes second with N82.41 Billion.

According to Aiyedatiwa, Infrastructural development sector has the highest budget proposal because it is the sector that will stimulate the economy in the 2024 fiscal year.

A further breakdown of the budget shows that Education will take N47.72 Billion, General Administration N32.80 Billion, Agricultural Development N31.81 Billion, Health N29.8 Billion, Administration of Justice N16.38 Billion, Community Development N14.46 Billion, Regional Development N12.64 Billion, Environmental and Sewage Management N8.5 Billion, Legislative Administration N6.4 Billion, Trade and Industry N3.9 Billion and Information N2.2 Billion.

The Acting Governor revealed that “the current national and global realities point to reason why we must consciously and programmatically rearrange our fiscal priorities to target the growth drivers of our economy so as to quickly fix and reflate the economy to keep it afloat”.

“We are aware of the negative impacts of fuel subsidy removal and floating exchange rate on the people”.
.
“All these are put into consideration while projecting for expenditure in this budget”

“We have made reasonable increase in the Personnel Estimates to cover the imminent wage increase for workers” .

“We will also continue to roll out palliatives measures to cushion the effects of the fuel subsidy’s removal” , declared Aiyedatiwa.

The Acting Governor lauded the State Legislature for it’s sustained support and urged the members to fast-track the passage of the budget.

He equally seeks for the support of the residents and all stakeholders in the State for the smooth delivery of dividends of democracy to the people.

“The challenge that lie ahead in the incoming year dictate that we should all work together as we seek to create an enduring economy for our dear State”, he appealed.

Speaker of the State Assembly, Rt.Hon. Olamide Oladiji said the budget must address the daunting economic challenges and must be tailored towards improving the lives of residents of the State.

Others at the budget presentation are, Ondo State All Progressives Congress ( APC ) Chairman, Engr Ade Adetimehin, Secretary to the Government, Princess Oladunni Odu, Chief of Staff to Governor, Chief Olugbenga Ale who led other members of the State Executive Council to the event, Political Appointees, Permanent Secretaries and others.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button