Ondo State Governor, Lucky Aiyedatiwa, has presented a total of N492,795,667,939.00 billion budget proposal for 2026 fiscal year before the State House of Assembly.
Governor Aiyedatiwa, while presenting the budget before the lawmakers on Monday evening at the Assembly complex in Akure said; “The title of 2026 Budget of Economic Consolidation is aptly justified as the natural progression from previous years’ activities and, therefore, reflects a deliberate shift from mere restoration to sustained consolidation of economic gains, ensuring that the progress recorded in 2025 matures into long-term prosperity, resilience and inclusive development for the people of Ondo State.
According to him; “Mr. Speaker, as we begin preparing the 2026 budget, we have continued our tradition of participatory budgeting. This approach has broadened the input of communities, civil society groups, the private sector, youth bodies, artisans, farmers and other key stakeholders in shaping the 2026 Budget.
“The 2026 revenue projection would largely be informed by some major macro-economic assumptions contained in the MTEF and Fiscal Strategy paper adopted by the secretariat of the Nigerian Governors’ Forum (NGF).”
He explained that the budget’s priorities focus on infrastructure expansion, food security, human capital development and prudent fiscal management.
Aiyedatiwa said: “Today, we are here before this honourable House by the grace of God and the uncommon goodwill of the people of our Sunshine State, to present the 2026 Budget proposals for Ondo State tagged “Budget of Economic Consolidation”.
“Mr. Speaker, Honourable Members, the 2025 Budget was christened the Budget of Recovery to focus on stabilising critical sectors, restoring essential services and reviving public confidence after a period of fiscal strain.
“Having laid this solid foundation and achieved measurable gains, particularly in infrastructure rehabilitation, service delivery and public financial management, the State is now positioned to deepen these achievements by strengthening revenue structures, accelerating growth-driven investments and institutionalising reforms.
“The title of 2026 Budget of Economic Consolidation is aptly justified as the natural progression from previous years’ activities and, therefore, reflects a deliberate shift from mere restoration to sustained consolidation of economic gains, ensuring that the progress recorded in 2025 matures into long-term prosperity, resilience and inclusive development for the people of Ondo State.
“Mr. Speaker, Honourable Members, the global economic slowdown poses risks to the State’s revenue, which relies heavily on Federation Account allocations, Personal Income Tax, VAT and other shared revenues.
“The new VAT distribution formula – 50% shared equally, 20% by population and 30% by consumption – may reduce our revenue, given Ondo State’s civil service-driven and agrarian structure. Revenue could also be further constrained by exemptions granted to small businesses and low-income earners from Companies Income Tax and Personal Income Tax, which, though beneficial, may strain Internally Generated Revenue.
“Putting these key parameters and assumptions into consideration, a total budget of N492,795,667,939.00 billion has been proposed for 2026 Fiscal Year as follows:
“2026 Expenditure Projection: On the expenditure side, Mr Speaker, we have taken note of the fact that development rarely occur in silos. We have, therefore, adopted an integrated approach such that each organ of government would complement others to stimulate the organic synergy required to catalyse our developmental resurgence.
The 2026 Expenditure Allocation is as follows:
“Mr. Speaker, the above allocation; which projects a recurrent to capital ratio of 42.78% to 57.22% is an eloquent testimony of our avowed commitment to transforming the socio-economic landscape of the State.”
Olamide Oladiji, the Speaker of the House, therefore, said the House would conduct a thorough scrutiny on the budget.
