Gov. Lucky Aiyedatiwa of Ondo State, on Monday, signed into law the N698.66 billion budget for the 2025 fiscal year, with 62.06% of the total allocated to capital expenditures.
The signing ceremony, held in Akure, was witnessed by the Speaker of the Ondo State House of Assembly, Chief Olamide Oladiji, and several members of the State Executive Council, as reported by the News Agency of Nigeria (NAN).
The budget, which has been dubbed the “Budget of Recovery,” allocates N433.62 billion to capital expenditures, with the remaining N265.04 billion dedicated to recurrent expenditures.
“Gov. Lucky Aiyedatiwa of Ondo State, on Monday, assented to the N698.66 billion budget passed by the legislature for the 2025 fiscal year,” the NAN report read in part.
It added, “The budget, christened “Budget of Recovery” has N433.622 billion (62.06%) and N265.037 billion (37.94%) allocated to Capital and Recurrent Expenditures respectively.”
Gov. Aiyedatiwa emphasized that the substantial focus on capital expenditures is intended to kickstart the state’s economy and initiate wide-ranging infrastructural renewal. He explained that this would provide a solid foundation for the state’s desired recovery.
Aiyedatiwa further described the budget signing as a pivotal moment for his administration, marking a significant step toward fulfilling the promises made to the people during the election campaign.
What you should know
The signed budget of N698.66 billion for Ondo State in 2025 represents an increase from the previously proposed N655.23 billion.
To uncover the plans for the coming year, Nairametrics consulted the budget proposal, which outlines key priorities for the administration.
- A significant portion, N238.572 billion, is allocated to infrastructural development, emphasizing the government’s commitment to renewing and upgrading critical infrastructure to boost economic activity. This allocation will support projects in transportation, energy, and other essential sectors.
- In addition, N125.456 billion is earmarked for public finance, ensuring fiscal discipline and financial stability. This funding is aimed at maintaining effective financial management and supporting the state’s long-term fiscal health.
- Education receives N77.024 billion, highlighting the government’s intention to improve educational standards, expand opportunities for students, and strengthen the overall education system in Ondo State.
- Agricultural development also sees a substantial allocation of N56.102 billion, aimed at enhancing food security, supporting local farmers, and fostering rural growth. N46.016 billion is allocated to healthcare, focusing on improving the quality and accessibility of health services across the state.
The budget proposal also revealed that further funding has been directed to other key sectors, including the administration of justice, trade and industry, and environmental management.
