SUBSIDY REMOVAL, A CHALLENGE TO ONDO 2023 BUDGET – LAWMAKER
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The Ondo State House of Assembly on Friday revealed that the fuel subsidy removal by the Federal Government was a major challenge that affected the finances of the state government in the 2023 budget.
It was reported that the state government passed and signed into law the 2023 budget of N276 billion which included recurrent expenditure of N130 billion and capital expenditure of N146.1 billion.
Last Thursday, the state acting Governor, Lucky Aiyedatiwa, presented the N384.5 billion Appropriation Bill for the 2024 fiscal year.
In the budget proposal christened ‘Budget of Economic Resilience,’ N172,518,140,353 was earmarked for recurrent expenditure while N212,014,859,647 is for recurrent expenditure.
Speaking at the budget defence of the Ministries, Departments and Agencies of the government on Friday at the Assembly complex, the Chairman, House Committee on Budget and Appropriation, Mr. Oluwole Ogunmolasuyi, expressed optimism that the 2024 budget would add value to the people of the state.
Ogunmolasuyi, who admitted that the 2023 budget of the state was negatively affected by the oil subsidy removal, said it had been taken care of in the 2024 Appropriation Bill.
He said, “This oil subsidy removal was a serious challenge to the 2023 budget because as of December 2022, when we passed the budget for the year 2023, we never envisaged that oil subsidy removal would come up and you know that this issue came up in the middle of the year and we didn’t prepare for it.
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