South-WestCap: Akure

Ondo State .

Governor Lucky Aiyedatiwa

Pop. ~4.9M

Total 2024 Budget

₦387,000,000,000

Ondo State is a major oil-producing state in Nigeria's south-west, blessed with significant crude oil reserves offshore and onshore. The state is also a major producer of cocoa, timber, and bitumen, and is known as the Sunshine State.

Metrics Overview

Capital Exp.

₦202,000,000,000

52% of total

Recurrent Exp.

₦185,000,000,000

48% of total

Total Revenue

₦387,000,000,000

Estimated income

Fiscal Balance

Balanced

Matched

Breakdowns

Infrastructure

₦98.0B25.3%

Education

₦88.0B22.7%

Health

₦72.0B18.6%

Agriculture

₦45.0B11.6%

Security

₦18.0B4.7%

Budget Insights

Key observations from Ondo State State's 2024 budget

Overview

Ondo State State's total budget for 2024 is ₦387.00 Billion. This budget is perfectly balanced.

Expenditure Focus

The largest single sector allocation is infrastructure, receiving ₦98.00 Billion. This accounts for 25.3% of the total budget.

Revenue Dependency

The primary source of revenue is faac, contributing ₦210.00 Billion. This represents 54.3% of the total expected revenue.

Glossary

Common budget terms explained

IGR

Internally Generated Revenue. Money collected by the state internally (taxes, fines).

FAAC

Federation Account Allocation Committee. Funds distributed from the federal government.

Capital Exp.

Money spent on long-term physical assets like roads, schools, and hospitals.

Recurrent Exp.

Money spent on day-to-day operations like salaries and overhead costs.

Deficit

When a state plans to spend more money than it expects to collect in revenue.