The Ondo State House of Assembly has passed the 2024 supplementary budget of over N96 billion bringing the total budget for the year to N492.045 billion.
The initially approved budget by the House was over N395 billion.
The state government had proposed a supplementary budget of over N92 billion, which was revised upwards by more than N4 billion, making it over N96 billion.
Earlier, the Chairman of the House Standing Committee on Finance and Appropriation, Mr Oluwole Ogunmolasuyi, while presenting the committee’s findings, explained that some of the heads and sub-heads of the 2024 Appropriation Law had been overtaken by inflationary pressures, leading to the exhaustion of allocated funds as such Additional funds were required to achieve the state’s target goals before the fiscal year ends.
The revised budget, according to Ogunmolasuyi, reflects the principle of intelligent budgeting aimed at rapid development.
After a detailed review of the proposal, the committee recommended the budget revision to help the state government cushion the effects of fuel subsidy removal and address the financial demands of the new minimum wage