Ondo Assembly Passes ₦524.41bn 2026 Budget Into Law

The Ondo State House of Assembly passed into law the ₦524.41 billion 2026 Appropriation Bill on Tuesday evening, 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.

According to the budget, ₦220.83 billion, representing 42.11 per cent, was allocated to recurrent expenditure, while ₦303.58 billion, or 57.89 per cent, is earmarked for capital projects.

Before the Money Bill was passed into law, the House Committee on Finance and Appropriation, led by its Chairman, Hon. Oluwole Ogunmolasuyi, stated that the fiscal document adequately reflected prevailing economic realities.

Presenting the committee’s report at plenary presided over by the Speaker, Rt. Hon. Olamide Oladiji, Ogunmolasuyi stated that 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.

According to him, 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.

Ogunmolasuyi further disclosed that the capital project execution in 2025 was constrained by limited funds and urged MDAs to strengthen revenue generation to boost Internally Generated Revenue (IGR).

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 expenditures in 2026.

After an extensive debate, the committee’s report was subjected to a third reading and unanimously adopted through a voice vote.

A motion was moved by the Leader of the House, Chief Olatunji Oshati, and seconded by the member representing Ilaje Constituency, Prince Abayomi Akinruntan, for the adoption of the report.

The Assembly, however, 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.

The Speaker of the Assembly, Rt. Hon. Oladiji who said the 2026 budget would further stimulate economic growth in the state, appreciated the harmonious collaboration between the executive and legislature.

He, however, promised that the gesture would continue in the overall interest of Ondo State.

Oladiji 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.

According to him, the laws 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.

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