Nigeria: Ondo Assembly passes $360.7mln 2026 budget

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The Ondo State House of Assembly has passed into law the ₦524.41 billion 2026 Appropriation Bill, marking an increase of ₦31.61 billion over the ₦492.79 billion proposal earlier submitted by the state governor, Lucky Aiyedatiwa.

The budget, tagged ‘Budget of Economic Consolidation’, provides for total expenditure of ₦524,410,590,939 in the 2026 fiscal year.

Of this amount, ₦220.83 billion, representing 42.11 per cent, is allocated to recurrent expenditure, while ₦303.58 billion, or 57.89 per cent, is earmarked for capital projects.

The Assembly had earlier referred the budget proposal to its Committee on Finance and Appropriation for detailed scrutiny and defence by Ministries, Departments, Establishments, Tertiary Institutions and Agencies (MDEAs).

Presenting the committee’s report at plenary presided over by the Speaker, Rt. Hon. Olamide Oladiji, the Chairman of the committee, Oluwole Ogunmolasuyi, said the fiscal documents adequately reflected prevailing economic realities.

According to him, the committee reviewed the proposal alongside the 2025 budget performance and observed shifts in fiscal priorities arising from the inability to access some donor-funded contributions and the impact of fluctuating exchange rates.

Ogunmolasuyi explained that the committee exercised restraint in approving additional requests from MDAs, except in critical areas, a decision that led to the upward review of the budget by ₦31.61 billion.

He also noted that capital project execution in 2025 was constrained by limited funds and urged MDAs to strengthen revenue generation to boost Internally Generated Revenue (IGR) and further stressed the need for improved funding for staff training and retraining in the public service.

In the approved budget, a total of ₦14.84 billion was allocated to the Ondo State Oil Producing Areas Development Commission (OSOPADEC) for recurrent and capital expenditure in 2026.

Following extensive debate, the committee’s report was subjected to a third reading and unanimously adopted through a voice vote after a motion moved by the Leader of the House, Chief Olatunji Oshati, and seconded by the member representing Ilaje Constituency, Prince Abayomi Akinruntan.

The Assembly also passed into law the 2026 budget of the Ondo State Internal Revenue Service (ODIRS), totalling ₦5.56 billion, comprising ₦5.11 billion for recurrent expenditure and ₦449.99 million for capital expenditure.

Meanwhile, three bills scaled first reading at the plenary, which include bills to establish the Ondo State Competition and Consumer Protection Agency, to amend the Ondo State Electric Power Sector Law, 2020, and to establish the Ondo State Honours Roll and Merit Awards.

In his remarks, Speaker Oladiji said the 2026 budget would further stimulate economic growth in the state and assured that harmonious collaboration between the executive and legislature would continue in the overall interest of Ondo State.

He said the House recorded significant legislative achievements during the just-concluded session, including the passage of people-oriented and life-impacting bills addressing welfare, security and social order.

These include laws prohibiting harmful traditional practices, kidnapping and illegal adoption, as well as legislation providing for the registration of domestic staff across the state.

Oladiji also noted the passage of bills establishing the Ondo State Road Fund and the Ondo State Coastal and Waterways Management Agency, alongside amendments to the Ondo State Public Order Law, among others.

Commending lawmakers for improved legislative performance, the Speaker cited regular attendance, robust debates and effective committee work as hallmarks of quality representation.

He assured residents that the Assembly would ensure strict oversight of budget implementation to deliver tangible benefits to citizens.

He, thereafter, announced a six-week recess for the House, effective immediately, with plenary sessions scheduled to resume on February 9, 2026.