Governor Lucky Aiyedatiwa of Ondo State on Monday signed the 2026 Appropriation Bill into law, formally establishing a ₦524.4 billion fiscal roadmap aimed at “Economic Consolidation” for the state.
The signing ceremony, held at the Executive Council Chamber in Akure, marks a significant shift from previous stabilization efforts toward long-term growth.
The governor described the budget as a “solemn reaffirmation” of his administration’s commitment to sustainable development and regional self-reliance.
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The 2026 budget features a total expenditure of ₦524.41 billion, reflecting a strategic tilt toward infrastructure and physical development.
Capital expenditure accounted for ₦303.58 billion, representing 57.89% of total spending, while recurrent expenditure amounted to ₦220.83 billion, making up 42.11%.
This ratio underscores the administration’s intent to complete ongoing road, power, and water projects while initiating new critical infrastructure to create an enabling environment for private businesses.
The budget is anchored on several key pillars, most notably Agricultural Development and Food Security.
Aiyedatiwa emphasised investments in modern farming techniques and credit access for smallholder farmers.
Key sectoral highlights include ₦144 billion, 27.6% allocated to infrastructural development, ₦64.5 billion, 12.3% for education, ₦59.5 billion, 11.4% for health, ₦95 billion, 18.1% for public finance, and ₦29.6 billion, 5.7% for agriculture.
The governor also affirmed a tech-driven drive to expand Internally Generated Revenue (IGR), aiming to block leakages and reduce the state’s reliance on federal allocations.
Aiyedatiwa urged all MDAs to strictly align their programmes with the new law, warning that 2026 must be a year of “prudent and efficient execution.”
The Speaker of the Ondo State House of Assembly, Olamide Oladiji, commended the governor for his transformative leadership.
He noted that the Assembly’s quick passage of the bill was a testament to the “strong partnership” between the two arms of government.
Oladiji also highlighted recent legislative milestones designed to support the budget’s implementation.
These include laws to prohibit kidnapping and illegal adoption, establish the State Road Fund, register domestic staff for enhanced security, and manage coastal areas and waterways.
Under Funding the Future, Commissioner for Budget and Economic Planning, Olaolu Akindolire, outlined the state’s revenue projections.
While grants and aid are expected, the state also plans to borrow ₦72.92 billion from local and foreign sources.
These loans are earmarked for “intellectual capital development” and infrastructure projects with high economic returns.
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