The Ondo State House of Assembly has approved a N96 billion supplementary budget for the 2024 fiscal year, increasing the total state budget to N492 billion. This comes after Governor Lucky Aiyedatiwa submitted a proposal for a supplementary appropriation to boost the initial N395 billion 2024 budget.
Governor Aiyedatiwa cited the removal of petrol subsidies and the need to implement the recently announced N73,000 minimum wage for the state’s workforce as key reasons for requesting additional funds. The Assembly, however, increased the proposed supplementary budget by N5 billion, resulting in the N96 billion addition.
Presenting the report of the House Committee on Finance and Appropriation, House Majority Leader Oluwole Ogunmolasuyi, emphasized the necessity of additional funds to achieve the government’s goals. He stated that inflationary pressures had exhausted allocations to several ministries, departments, and agencies (MDAs) earlier in the year.
Ogunmolasuyi, who also chairs the Finance and Appropriation Committee, noted that the revised budget would help the state government meet its developmental targets more effectively. He added that the budget adjustment was crucial for sustaining ongoing projects and ensuring economic growth in the state.
The House’s approval of the supplementary budget is expected to provide a financial boost for critical sectors, including infrastructure, healthcare, and education, enabling the government to address the state’s evolving needs in the coming year.
