Ondo Assembly approves ₦524.41bn 2026 budget
By Boye Oyeyemi –
The Ondo State House of Assembly has passed the ₦524.41bn 2026 Appropriation Bill into law, setting the financial framework for the state’s activities in the coming fiscal year.
A breakdown of the approved budget shows that ₦220.83bn, representing 42.11 per cent, was allocated for recurrent expenditure, while ₦303.58bn, or 57.89 per cent, was set aside for capital projects.
The lawmakers increased the proposal submitted by Governor Lucky Aiyedatiwa by ₦31.61bn, raising it from ₦492.79bn to ₦524.41bn. The spending plan was tagged the “Budget of Economic Consolidation.”
Presenting the report of the House Committee on Finance and Appropriation, its chairman, Oluwole Ogunmolasuyi, said the budget reflected prevailing economic realities after a review of revenue projections, exchange rate pressures and donor funding shortfalls.
The Assembly also approved ₦14.84bn for the Ondo State Oil Producing Areas Development Commission and passed the 2026 budget of the Ondo State Internal Revenue Service at ₦5.56bn.
Following the adoption of the committee’s report through a voice vote, the House also considered and passed several other legislative business items, including the first reading of three new bills.
In his closing remarks, the Speaker, Chief Olamide Oladiji, announced a six-week recess for the Assembly, with plenary scheduled to resume on February 9, 2026.
