The Ondo State House of Assembly has passed the 2026 Appropriation Bill into law, approving a total expenditure of ₦524.41 billion for the upcoming fiscal year.
The approved budget, tagged “Budget of Economic Consolidation,” represents an increase of ₦31.61 billion over the ₦492.79 billion proposal submitted by Governor Lucky Aiyedatiwa in November.
According to the breakdown passed on Tuesday, recurrent expenditure will gulp ₦220.83 billion (42.11%), while ₦303.58 billion (57.89%) is earmarked for capital projects.
Presenting the report of the House Committee on Finance and Appropriation, its Chairman, Hon. Oluwole Ogunmolasuyi, stated that the fiscal document adequately reflected prevailing economic realities.
Ogunmolasuyi noted that the committee reviewed the proposal alongside the 2025 budget performance and observed constraints in capital project execution due to limited funds. He urged Ministries, Departments, and Agencies (MDAs) to strengthen their revenue generation mechanisms to boost Internally Generated Revenue (IGR).
The committee exercised restraint in approving additional requests from MDAs, except in critical areas, a decision that led to the upward review of the governor’s initial proposal.
A significant allocation of ₦14.84 billion was approved for the Ondo State Oil Producing Areas Development Commission (OSOPADEC) for both recurrent and capital expenditures in 2026.
Following an extensive debate, the House unanimously adopted the committee’s report through a voice vote.
The Speaker, Rt. Hon. Olamide Oladiji, said the 2026 budget would further stimulate economic growth in the state and appreciated the harmonious collaboration between the executive and the legislature.
He also highlighted the Assembly’s legislative achievements in the concluding session, including the passage of bills prohibiting harmful traditional practices, kidnapping, and illegal adoption, as well as laws establishing the Ondo State Road Fund and the Ondo State Coastal and Waterways Management Agency.
The House subsequently entered a six-week recess, with plenary sessions scheduled to resume on February 9, 2026.
