The Ondo State House of Assembly has approved a supplementary budget of N96 billion for the 2024 fiscal year, raising the state’s total budget to N492 billion.
This follows a request by Governor Lucky Aiyedatiwa, who originally proposed a supplementary budget to increase the initial N395 billion 2024 budget to N487 billion.
Governor Aiyedatiwa’s request was driven by the need to address the economic impact of the removal of petrol subsidies and to implement the recently announced N73,000 minimum wage for state workers.
He cited these factors as essential to sustaining government activities and improving the livelihood of the state’s workforce.
After reviewing the governor’s proposal, the House of Assembly opted to increase the supplementary budget further by N5 billion, bringing the total adjustment to N96 billion.
House Majority Leader and Chairman of the Committee on Finance and Appropriation, Mr. Oluwole Ogunmolasuyi, Owo 1/APC, explained the rationale behind the increase.
“There was a need for additional funds to achieve the target goals of the government,” he said, highlighting the financial pressures from inflation and the depletion of funds allocated to various ministries, departments, and agencies under the initial budget.
Ogunmolasuyi emphasized that the revised budget is crucial for accelerating development in the state. He stated that the additional funds would enable the government to better manage the economic challenges and ensure the efficient execution of its plans for 2024.
The passage of the supplementary budget marks a significant step in Ondo State’s efforts to manage inflationary pressures and boost public sector wages, while continuing to support its development agenda.