The Ondo State House of Assembly, on Tuesday, approved a ₦698.66 billion budget for the 2025 fiscal year.

The budget which reflects ₦43.43 billion increase from the initial ₦655.23 billion proposal was presented by Governor Lucky Aiyedatiwa last week.

Dubbed the “Budget of Recovery,” the fiscal plan allocates ₦433.62 billion (62%) to capital projects, underscoring the state’s focus on development initiatives.

New Telegraph reports that the remaining ₦265.04 billion (38%) is earmarked for recurrent expenditures.

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The adjustments followed extensive consultations with ministries and agencies, addressing inflationary pressures and updating project costs.

Lawmakers emphasized the importance of robust revenue generation to achieve the budget’s ambitious targets.

The Assembly called on state bodies, particularly the Ondo State Internal Revenue Service, to streamline collection processes and enforce compliance with financial regulations.

Beyond the budget approval, the House enacted amendments to the Ondo State University of Medical Sciences legal status and passed a bill designed to curb land-grabbing activities in the state.

The legislative session was adjourned until January 7, 2025.