Ondo Assembly Approves N96 Billion 2024 Supplementary Budget

Ondo State Passes N96 Billion 2024 Supplementary Budget

This supplementary budget is expected to address the financial implications of the subsidy removal...

Ondo State House of Assembly has approved a N96 billion supplementary budget for 2024, increasing the total budget to N492.045 billion. The budget aims to address petrol subsidy removal effects and implement the N73,000 minimum wage.

The Ondo State House of Assembly has given the green light to a supplementary budget of N96 billion for 2024, taking the total budget to N492 billion. This significant increase was initially proposed by Governor Lucky Aiyedatiwa, who sought to bump up the original N395 billion budget to N487 billion.

Governor Aiyedatiwa's request was driven by two key factors: the impact of removing petrol subsidies and the need to implement the newly announced N73,000 minimum wage for the state's workers. After careful deliberations, the Assembly decided to further raise the budget to N492 billion, exceeding the governor's proposal by N5 billion.

Breakdown of the Budget Increase:

Original 2024 Budget: N395 billion

Governor's Proposed Increase: N92 billion (to N487 billion)

Assembly's Approved Increase: N96 billion (to N492 billion)

Reasons for Increase: Removal of petrol subsidies and implementation of N73,000 minimum wag

This supplementary budget is expected to address the financial implications of the subsidy removal and ensure the state's workers benefit from the increased minimum wage.

Oluwole Ogunmolasuyi, Chairman of the House Committee on Finance and Appropriation, presented a report highlighting the need for additional funding to achieve government objectives. He attributed this requirement to ministries, departments, and agencies exhausting their initial 2024 budget allocations due to inflationary pressures.

The revised budget aims to support the state's development goals, ensuring rapid progress. This move acknowledges the current financial constraints and seeks to address them through strategic reallocation.

Key aspects of the revised budget likely include:

Revised Allocations: Adjustments to address inflationary pressures and ensure sufficient funding for critical projects.

Development Goals: Prioritizing initiatives that drive rapid progress and support the state's long-term objectives.

Strategic Reallocation: Optimizing resource distribution to maximize impact and efficiency.

By addressing the financial challenges, the revised budget seeks to revitalize the state's development momentum, ensuring meaningful progress and growth.