The Rt. Honourable Speaker
The Rt. Honourable Deputy Speaker
Honourable Members
Members of the State Executive Council
Top Government Functionaries
Members of the Press
Ladies and Gentlemen

It is with a deep sense of gratitude to God for His infinite grace and mercy that I stand before this Honourable House today, on behalf of our amiable and development-oriented Governor, Arakunrin Oluwarotimi Odunayo Akeredolu, SAN, CON to present the 2024 Budget. The budget presentation today will be this Administration’s penultimate appearance before this Honourable House on budget matters, God willing, as it will exit by February 2025.

2. Mr. Speaker, Honourable Members, I rejoice with you and congratulate all Honourable Members on the victory you had in the last keenly-contested State Assembly Election held in March this year. The sweeping success recorded can only be attributed to God and the faith and trust the people of your constituencies have in you all.

3. Mr. Speaker, Honourable Members, I want to specially thank you for your support for this Administration and also for your unrelenting prayers for our Governor, especially during this challenging moment. In the same vein, I must thank the good people of Ondo State for their outpouring of affection and supplications for Mr. Governor. It is our fervent prayer that the able God who has started a good work of healing in our Governor’s life will bring it to perfection!

4. Mr. Speaker, let me furthermore use this opportunity to appreciate our people for their understanding, endurance and sacrifice in this period of economic challenges occasioned by the painful but inevitable removal of fuel subsidy by the Federal Government. Our efforts at providing measures in the form of food items, cash transfers, salary adjustment, payment of arrears of pension and gratuity, provision of farm inputs, etc to our people to cushion the effects, will continue.
5. Mr. Speaker, it has been our determination from inception of this administration in 2017 to take this State to an enviable height through infrastructural and human capital development. In our resolve at the very beginning to lay a solid foundation to achieve these laudable goals, we came up with a 5-point agenda otherwise called the JMPPR with which we were able to record a considerable development mileage. Building on that foundation, we later developed a more robust policy blueprint in the second leg of this Administration christened the REDEEMED Agenda at the beginning of the second term, to serve as our development compass.

6. Mr. Speaker, Honourable Members ladies and gentlemen, despite the challenges at the global, national and subnational levels, especially in the areas of insecurity and macro-economic imbalances, we have been able to deliver substantially on the REDEEMED Agenda. The details of our achievements so far across the 8 thematic areas of the REDEEMED Agenda are:

7.0 Rural and Agricultural Development
7.1. Mr. Speaker, it is a fact that Crude Oil is fast waning as the main revenue generating source to the nation. In view of this, attention is being shifted to Agriculture, which hitherto had been the largest employer of labour and has become an ace player to the future economic greatness of our State and indeed the Nation. In order to boost and encourage rural and agricultural development in our State, we have, among others:
– imported more than 105,000 Palm lit sprouted nuts from Colombia and allocated 80,000 hectares of land to our people through the Red Gold Project to bridge the 800,000 metric tons of palm oil supply gap in the country;
– raised and distributed more than two million cocoa seedlings and other farm inputs to farmers across the state;
– imported and installed broilers processing equipment at Isuada Farm Centre and have keyed-in into the Livestock Productivity Resilience Support (L-PRES) project to enhance livestock production and protein intake of the people of the state;
– under the COVID-19 Action Response and Economic Stimulus (N-CARES), expended N908m to procure farm inputs and other productive assets which were distributed to over 4,000 farmers,
– in order to enable our community dwellers transport their farm produce to the market, we have signed a memorandum with the World Bank through Rural Agricultural Access and Marketing Project (RAAMP) to construct 860km rural roads and 100km length drainage structures across the 3 Senatorial Districts of the State. The projects are set for award in the next few weeks;

8.0 Educational Advancement and Human Capital Development
8.1 Mr. Speaker, ladies and gentlemen, it is our utmost desire that education sector, being the bedrock of human capital development, should function optimally. Therefore, this Administration has been working tirelessly to sustain and improve upon our modest efforts in the education sector. These efforts include the following:
-. Mr. Speaker, in 2017, we paid the inherited backlog of UBEC counterpart matching grants of years 2013-2016 in one fell swoop, and since then we have been paying annually. The manifest consequence of this is the infrastructural turnaround in the primary school subsector with 300 new classrooms constructed; 546 schools renovated; 144 schools fenced; 21,625 pupils’ furniture items supplied and 4,432 teachers’ furniture provided;
– We undertake regular training for our Education Officers, and teachers in both our primary and secondary schools;
– Mr. Speaker, besides paying the WAEC registration fees of the eligible students of our public secondary schools since the inception of this Administration, we have also disbursed a sum of N200m to pay bursaries and scholarship awards to our students in tertiary institutions for 2021/2022 academic session. A sum of N335m has been proposed for same in the 2024 Budget.
9.0 Infrastructural Development
9.1 Mr. Speaker, without sounding immodest, we are all living witnesses to the level of infrastructural development this Administration has embarked upon since its inception, including:
– award and completion of more than 500-kilometre roads across the three senatorial districts of the State;
– rehabilitation of federal government roads including Owo-Oka-Epinmi road, Akure-Owo road, among others;
– construction of Ore-interchange flyover and the on-going Onyearugbulem/Shagari/Irese road flyover project;
– introduction of the Kamomi Aketi Water Scheme and Sanitation whereby 2,163 boreholes have been rehabilitated, 250 hand pumped and 35 Solar power boreholes drilled, 4 surfaced water dam rehabilitated, etc;
– rehabilitation of Okeigbo, Oba Akoko, Idoani, Okitipupa, Ilutitun, Araromi Obu water supply schemes;
– signing of an agreement with the French Development Agency (AFD) and African Development Bank (AFDB) to secure credit to facilitate the rehabilitation of the Owena Multi-purpose Dam and Owena-Ondo Road Waters Supply Scheme to provide water for six local government areas of the state.
10.0 Efficient Service Delivery Development and Policy
10.1 Mr. Speaker, the hallmark of any committed administration is effective service delivery and this is of paramount importance to this Administration. In this regard:
– we have, through the Office of the Head of Service launched a service reform strategy called, Ondo Service Improvement Programme (ODSIP), designed to address the dysfunctions plaguing the bureaucracy and reposition the State Public Service, for effective service delivery;
– in our continuous bid to sustain and improve on the welfare of our public servants, we have kept faith with regular promotion of workers and payment of their salaries. Just recently, Government procured and distributed 30 new SUV Cars to all our Permanent Secretaries in the Public Service.
11.0 Effective Healthcare and Social Welfare
11.1. Mr. Speaker, Honourable Members, one of the key areas of attention of this Administration is the provision of effective and qualitative healthcare delivery to our people. To that extent:
– we have, for equity and fairness sake, increased the two Mother-and-Child hospitals wholly located in the Central Senatorial District of the State to seven (7), with two (2) now located in the North while the remaining three (3) are in the Southern Senatorial District of the State;
– following the upgrade of the State Hospital in Akure to Teaching Hospital of the University of Medical Sciences, Ondo, we have commenced a lot of works like fencing, renovation, construction of new modern structures including a 250-bed ward each at Ondo and Akure. The buildings are about 80% completed while the fencing and other renovation are completed;
– to bridge the manpower gap in the facilities being provided, we have on regular basis, employed health professional and technicians. Approvals have just been given for fresh employment of doctors, nurses and other health workers;
– This Administration has also given approval for the re-engagement on contract of retired relevant health personnel to shore up the staffing of our health facilities;
– we have launched the State Contributory Health Commission, commencing with the Abiyamo Maternity and Child Health Insurance Scheme (AMCHIS) for pregnant women and children under 5 years, whereby 38,657 pregnant women and children have benefited. Also, the Orange Health Insurance Scheme (ORANGHIS) has been launched for our public servants and their dependants with 95,144 public servants and their dependants having access to qualitative healthcare at subsidized rates;
– This Administration has established the Ondo State Drugs and Health Commodities Management Agency to ensure uninterrupted supply of quality drugs and health commodities in our health facilities and to reduce incidence of fake drugs.
12.0 Maintenance of Law and Order for Adequate Security
12.1. Mr. Speaker, in the last few years, this country has experienced myriad of security challenges in the form of kidnapping, banditry, ritual killing, robbery and outright terrorism. Ondo State, being a subset of the country, has had its own share of the heat. As part of measures to address these vices:
– our government, like other Southwest States, has established the Ondo State Security Network otherwise called the “Amotekun” Corps to work in collaboration with other security agencies in the State to address the killing, kidnapping of our people and forceful invasion of our farmlands by some notorious herdsmen. Today, our farmers can go to their farms without fear and travelers are no longer afraid to ply our roads.
– regular procurement of security vehicles and other security equipment for security agencies, among others
13.0 Energy, Mining and Sustainable Industries
13.1. Mr. Speaker, Honourable Members, the vision of this Administration is to lay a solid foundation for sustainable energy supply and mineral resource development in such a manner that every citizen and industry in the State would have access to affordable and uninterrupted power supply that would serve as catalyst for economic growth. To fast-track the achievement of this vision:
– we have created in this second term, the Ministry of Energy and Mineral Resources to coordinate all activities in the energy sector of the State. The ministry has, within a few months of its existence, collaborated with the Transmission Company of Nigeria (TCN) to facilitate the commercial use of Omotosho 2x15m Watt Power Plant which was abandoned for many years;
– this Administration, through mini-grid developers, has developed solar mini-grid to thirty (30) communities in the State with fourteen (14) completed and running. This effort has injected a total of 394 kilowatt capacity into the power sector of the State;
– we have facilitated the completion and activation of the 132/133KV Ode-Erinje and Obaile 330/132/33KV Transmission Stations.
– government is actively engaged towards establishing Compressed National Gas (CNG) Stations in order to expedite the auto-gas conversion process in the State.
13.2. Mr. Speaker, the Ondo State Electricity Regulatory Bureau (OSERB) established by this Administration 3 years ago to regulate the activities of electricity suppliers in the state has achieved a lot within the few years of its existence, especially in the off-grid sector, and in safeguarding consumers’ interest.
14.0 Digital Revolution and Entrepreneurship
14.1. Mr. Speaker, the world is going digital. So, in our bid to run with the global trend and automate the activities of all our MEDAs, we have allocated some amount in this budget to build a central Geographical Information System (GIS) for the State. This system, apart from increasing our independent revenue, will assist in proper mapping, planning of community development, environmental impact analysis, disaster management, natural resources management, surveying and a lot more, thereby enhancing the advancement of the State on various fronts. The structure to house the State GIS is being completed.
14.2. This Administration has established five (5) computer training centres across the State for our youths to have access to computer training for employable tech skills. Many of our youths have taken advantage of this gesture.
14.3. Mr speaker and Honourable Members, three years ago, we established the Ondo State Entrepreneurship Agency (ONDEA) to directly tackle the challenges faced by our entrepreneurs and Micro and Macro businesses in the State and to drive entrepreneurial mindset and culture particularly in our youths, for them to be self-employed and become employers of labour. ONDEA has empowered 43,792 beneficiaries across the State in the areas of training, startup kits, among others.
14.4. Mr. Speaker, in the next fiscal year, ONDEA will scale up its entrepreneurial development intervention to 100,000 cumulative beneficiaries in its already initiated programmes, placing more emphasis on digital economy.
15.1. Mr. Speaker, you will recall that in December 2022, the 2023 Budget tagged ‘Budget of Shared Prosperity’ was passed and signed into law. The Budget which had a total size of N275,979,184,000.00 was divided into Recurrent Expenditure of N129,839,411,000.00 representing 47.05% and Capital Expenditure of N146,139,773,000.00 representing 52.95%. The Budget was to be funded with N117.247 billion from the Federation Accounts and N32.010 billion expected to be generated internally. The Capital Receipts which represent funds from Loans and Grants expected to be received from within and outside the State were put at N10.721 billion.
15.2. Mr. Speaker, on 29th May this year, Mr. President, during his inauguration pronounced a total removal of fuel subsidy. This has occasioned a major shift in the economic landscape by triggering high transport cost, galloping food prices, among others. Besides the aforementioned upheavals, the fuel subsidy removal has also caused a dramatic change in the parameters earlier used for 2023 Budget. This was the reason the budget was reviewed upward to N313,144,925,983.00, as consequently passed into law by this Honourable House.
15.3. Mr. Speaker, Honourable Members, the cumulative target revenue for January to September 2023 was N206.984 billion but the total actual revenue generated during the period was N158.515 billion which represents 76.6% performance level. On the expenditure side, Personnel Cost gulped N45.106 billion, amounting to 76%. This high percentage was occasioned by the priority attention given to regular payment of workers’ salaries and allowances, as a way to cushion the challenges of fuel subsidy removal. Also, at the end of the same period, i.e September 2023, the sum of N21.675 billion was spent as Overheads to run government’s activities; N7.651billion given as grants to our tertiary institutions while N12.304 billion was paid to pensioners as gratuities and monthly pensions. Within the same period, the sums of N9.874 billion and N8.197 billion were committed to servicing our debts and as statutory transfers, respectively. The Capital expenditure was N38.544 billion as against N109.605 billion earmarked for the same period.
16.1. Mr Speaker and Honourable Members, the 2024 Budget Proposal is prepared on the projection of the 2024-2026 Medium-Term Expenditure Framework (MTEF) as required by the Ondo State Fiscal Responsibility Law of 2017. The time is gone when the Executive would sit in an office and come up with a budget document without inputs from those the budget is meant to serve. In continuation and consolidation of our citizens’ engagement drive, we initiated in 2018, stakeholders’ consultative meetings with the civil society groups, private sector, youths, women and vulnerable groups, our traditional rulers across the 18 Local Government Areas were held and their inputs harvested into the 2024 Budget being presented today.

17.1. Mr. Speaker, Honourable Membes, the objectives of 2024 Budget are as follows, to:
-invest in human capital development with renewed vigour;
-rejig Independent Revenue collection for attainment of financial resilience and sustainability;
-optimize resource inflow and expand fiscal space locally and globally;
-expand the scope and reach of social safety nets and economic support programmes to the deserving citizens of the State;
-develop agricultural value chain and promote expansion of agricultural productivity to enhance food security;
-stimulate rural economy;
-ensure effective transportation system for economic growth and development;
-address environmental degradation occasioned by climate change;
-adhere to development policy and ensure fiscal discipline; and
safeguard lives and livelihood in a secure environment.
17.2. The above objectives are to be achieved through the following strategies: by ensuring full automation of all forms of revenue collection and expansion of the tax net with data-driven tax administration;
-leveraging on Donor and Development Partners’ Support in funding key intervention programmes;
-creating employment and jobs in Agric-Business and tech-related Enterprises;
-ensuring increase in and proper administration of funds allocated to social safety nets programmes;
-providing subsidized inputs and grants/soft loans to farmers;
-consolidating on the current road and waterway infrastructural development across the State;
-prioritizing massive construction of rural amenities and community-based infrastructure;
-consolidating the on-going river path channelization and encouraging reforestation and tree planting system across the State;
-setting up achievable key performance indicators for all sectors of the State and making available resources and enabling environment needed to achieve them;
-ensuring efficient Public Financial Management through timely and effective prioritization, to achieve development goals;
-increasing essential support to security agencies for crime prevention and control; and
-reducing the State’s recurrent expenditure/cost of governance in order to mop up funds for Capital projects.
18.1. Mr. Speaker, a lot of efforts are being put into shoring up the State’s revenue. This notwithstanding, as at today, the bulk of our revenue still comes from the Federation Accounts. However, if the current drive by all our revenue generating agencies, spearheaded by the Ondo State Internal Revenue Service, is sustained, we would be able to attain our desired level of internal revenue generation.
18.2. Mr Speaker, Honourable Members, ladies and gentlemen, the projected revenue for Year 2024 is largely a function of some major macro-economic fundamentals contained in the 2024-2026 Medium-Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP), earlier passed by this Honourable House. The assumptions/fundamentals are: –

National Inflation

National GDP growth rate

Oil Price Benchmark

Oil Production Benchmark

NGN:USD Exchange Rate (Benchmark)

18.3. In view of the above fundamentals, coupled with the removal of fuel subsidy which is expected to translate into more revenue from FAAC to our State, a total budget of Three hundred and eighty-four billion, five hundred and thirty-three million naira (N384,533,000,000.00) only is being proposed for the 2024 Fiscal Year. The breakdown of the revenue is as follows:
Statutory Allocation – N45,367,453,580
Independent Revenue – N33,039,332,950
Value Added Tax – N30,301,829,040
Mineral Derivations – N30,524,211,875
Other FAAC/Excess Crude Revenue – N100,439,986,003
Grants – N43,700,000,000
Other Capital Receipts – N25,100,000,000
Financing – N76,060,186,552
Total = N384,533,000,000

19.1. Mr. Speaker, Honourable Members, ladies and gentlemen, the current national and global economic realities point to reason why we must consciously and programmatically re-arrange 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 a reasonable increase in the Personnel Estimates to cover the imminent wage increase for workers. We will also continue to roll out palliative measures to cushion the effects of the fuel subsidy removal.
19.2. The impact of climate change is another issue we have resolved to tackle headlong in the coming year. As we all noticed, the duration and intensity of rainfall relatively increased this year and produced huge run-offs and flooding in many of Local Government Areas. All of these and more have been addressed in our expenditure projection for year 2024 as shown below:
A. Recurrent Expenditure
i. Salaries and Wages – N59,211,247,665.00
ii. Overheads – N42,172,446,600.00
iii. Debt Servicing – N16,316,930,000.00
iv. Grants and Contributions – N 14,547,476,300.00
v. Social Contribution and Social
Benefits – N19,064,602,824.00
vi. Statutory Transfers – N21,205,436,964.00
B. Capital Expenditure
Capital Estimates -N211,014,859,647.00
Total = N384,533,000,000.00
19.3. Mr. Speaker, in line with the National Charts of Accounts (NCOA) which Ondo State has subscribed to at the level of the Nigerian Governors’ Forum (NGF), and which is also in consonance with international best practices, government functions have been classified into 12 sectors for better understanding. Accordingly, the sectoral breakdown of the proposed Budget is as follows:
% 2024

Administration of Justice

Agricultural Development


Environment and Sewage Management

General Administration



Infrastructural Development

Legislative Administration

Public Finance

Regional Development

Community Development

Trade and Industry


19.4. The Table above shows that Infrastructural Development sector has the highest budget proposal. This is so because it is the sector that will stimulate the economy in the next fiscal year.

20.1. Mr. Speaker, Honourable Members, ladies and gentlemen, in concluding this Budget Speech, I will like to once again, on behalf of Mr. Governor, Arakunrin Oluwarotimi Odunayo Akeredolu, SAN, CON, thank you all for your unwavering prayer, support and cooperation for this Administration. I must say that this Honourable House has provided the right collaborative atmosphere to continue to initiate and implement bold reforms that have engendered inclusive growth and foster development in the State. Mr. Speaker and Honourable Members, thank you very much!
20.2. Our appreciation also goes to all our traditional and religious leaders, trade associations and unions, youth and women groups for their continuous understanding and patriotism. Your unalloyed support for our programmes and policies have gone a long way in ensuring the successes we have recorded in the last six and a half years.
20.3. On a final note Mr. Speaker, we must also use this opportunity to thank the Police, the Department of State Security, the Army, Navy, Nigeria Security and Civil Defence Corps, Ondo State Security Network otherwise called Amotekun and other paramilitary agencies for maintenance of peace in the State.
20.4. Finally, before I lay the Year 2024 Appropriation Bill before this Honourable House on behalf of Mr. Governor, I would like to yet seek the continuous partnership of everyone in making our State run smoothly in line with the mindset of Mr. Governor. The challenges 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, knowing full well that whatsoever we do today will be referenced tomorrow.
20.5. Mr. Speaker, let me reiterate on behalf of Mr. Governor that we are very determined and shall remain undaunted and focused in our effort to deliver the dividends of democracy to our people and to make Ondo State a reference point for developmental strides in Nigeria.
20.6. Mr. Speaker and Honourable Members, ladies and gentlemen, it is now my pleasure and honour to, on behalf of Mr. Governor, Arakunrin Oluwarotimi Odunayo Akeredolu, SAN, CON, present to this Honourable House the Ondo State 2024 Appropriation Bill of N384.533 billion christened BUDGET OF ECONOMIC RESILIENCE, for consideration and approval.
God bless Ondo State!
God bless Nigeria!

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