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Ondo State Govt. Begins Preparation of 2025 Budget, holds Consultative Meetings With Stakeholders

Ondo State Govt. Begins Preparation of 2025 Budget, holds Consultative Meetings With Stakeholders


The Ondo State Ministry of Economic Planning and Budget has commenced consultations with key stakeholders, including market traders, artisans, and community members, to gather input for the drafting of the 2025 fiscal budget. This engagement aims to ensure that the financial plans reflect the needs and expectations of the people, particularly in supporting businesses and improving livelihoods



 

Ondo State Govt. Begins Preparation of 2025 Budget Preparation with Engagement of Stakeholder


The Ondo State Ministry of Economic Planning and Budget has commenced consultations with key stakeholders, including market traders, artisans, and community members, to gather input for the drafting of the 2025 fiscal budget. This engagement aims to ensure that the financial plans reflect the needs and expectations of the people, particularly in supporting businesses and improving livelihoods







.


At the Consultative Meeting on the 2025-2027 Medium Term Expenditure Framework (MTEF) and 2025 Budget Preparation, the Commissioner for Economic Planning and Budget, Pastor Emmanuel Igbasan, emphasized the importance of including stakeholders in the budget process. Represented by Mr. Bamidele Daisi, the Administrative Secretary of the Economic Planning and Coordinating Office, Igbasan explained that the state government is focused on developing a budget that addresses the concerns of small businesses, while also creating opportunities for youth and students to harness their potential.


Reflecting on the 2024 budget, Mr. Stephen Aworere, the Administrative Secretary of the Budget Office, noted that the removal of the fuel subsidy and the floating exchange rate significantly impacted its implementation. He explained that while the state government had projected an exchange rate of N750/$ during the budget's preparation, inflation and economic factors shifted projections. The state had pegged inflation at 21 percent, yet food inflation alone has surged to 43 percent, higher than the national average of 34 percent.

Aworere added that the government plans to focus on key areas in the 2025 budget, including food security, human capacity development, entrepreneurship, and economic diversification.

During the consultation, stakeholders stressed the need for government support in reducing the cost of goods and services by prioritizing local businesses. They also called for capacity development programs, more local content initiatives, and stronger public-private partnerships (PPI). A specific demand was made to rehabilitate the Onyearugbulem Industrial Park and organize trade fairs for artisans to showcase their products.

The meeting saw active participation from a broad range of stakeholders, including market women and men, artisans, youth, students, and people living with disabilities, ensuring that diverse voices were heard in shaping the state's financial future.






Reflecting on the 2024 budget, Mr. Stephen Aworere, the Administrative Secretary of the Budget Office, noted that the removal of the fuel subsidy and the floating exchange rate significantly impacted its implementation. He explained that while the state government had projected an exchange rate of N750/$ during the budget's preparation, inflation and economic factors shifted projections. The state had pegged inflation at 21 percent, yet food inflation alone has surged to 43 percent, higher than the national average of 34 percent.

Aworere added that the government plans to focus on key areas in the 2025 budget, including food security, human capacity development, entrepreneurship, and economic diversification.

During the consultation, stakeholders stressed the need for government support in reducing the cost of goods and services by prioritizing local businesses. They also called for capacity development programs, more local content initiatives, and stronger public-private partnerships (PPI). A specific demand was made to rehabilitate the Onyearugbulem Industrial Park and organize trade fairs for artisans to showcase their products.

The meeting saw active participation from a broad range of stakeholders, including market women and men, artisans, youth, students, and people living with disabilities, ensuring that diverse voices were heard in shaping the state's financial future.

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