No Budget Performance Reports for Ondo State’s 2025 Budget on Google
Here’s Why
By Exponent News Nigeria. 19th September, 2025.
There are currently no performance reports available for Ondo State’s 2025 budget covering the first three quarters of the year on google as at the time of filling this report. This is because the 2025 budget was only approved by the State House of Assembly in December 2024 and signed into law in January 2025, meaning its implementation had not begun during that period.
As a result, any available budget performance reports at this time would pertain to the 2024 budget, not 2025.
Why There Are No 2025 Performance Reports for the First Three Quarters
Budget Approval Timeline:
The 2025 budget was presented to the Ondo State House of Assembly in late 2024. It was subsequently approved in December and officially signed into law in January 2025 as stated above
Implementation vs. Approval:
Budget performance reports typically reflect how allocated funds are actually spent after implementation begins. Since the 2025 budget was not in effect during the first three quarters of the year, there was no financial activity under that budget to report on.
However, information gotten from the state ministry of Budget and economic planning source explained the high performance of the government economic activity via the 2025 Ondo State budget as shown below
Ondo State Records 138% Revenue Performance in Q1, but Capital Spending Lags Behind
The Ondo State Government has reported a strong revenue performance in the first quarter of 2025, raking in ₦241.7 billion against a quarterly target of ₦174.7 billion, representing a 138.37% achievement. However, despite the impressive inflows, actual expenditure performance stood at 27.51%, largely due to delays in procurement and project implementation.
According to the Q1 Budget Implementation Report released by the State’s Ministry of Economic Planning and Budget, revenue from the Federation Accounts Allocation Committee (FAAC) surpassed expectations, recording 107.11% performance, boosted by inflows from Excess Non-Oil, Solid Minerals, NLNG dividends, and escrowed FAAC distributions. Statutory allocation alone performed above 150%.
Independent revenue also showed resilience, performing at 95.5%, with agencies such as the Civil Service Commission and Ministry of Justice recording notable collections. However, non-tax revenue struggled at 59.15%, with authorities attributing this to the seasonal nature of school fees and produce levies.
In contrast, Loans and Grants underperformed, with only ₦8.03 billion (14.18%) accessed against a quarterly target of ₦56.6 billion. While borrowing stood at a meagre 5.91%, grants—largely from the Universal Basic Education Board (SUBEB)—exceeded expectations at 131.7%, thanks to early drawdowns.
On expenditure, Recurrent spending closed at 56.61%, with Personnel Costs hitting 67.37% due to ongoing recruitment and wage obligations.
Other recurrent expenditures, including overheads and debt servicing, averaged 44.6%.
The biggest concern remains Capital Expenditure, which recorded just 9.72% performance, amounting to ₦10.5 billion against a target of ₦108.4 billion. The government attributed the low spending to the inability of Ministries, Departments, and Agencies (MDAs) to finalize procurement and loan drawdowns, though several projects have already been awarded and are expected to reflect in subsequent quarters.
The report concludes that while revenue mobilisation has been robust, urgent steps are needed to accelerate project execution to balance the State’s fiscal performance in the coming months.
The report for the second quarter explained the next budget performance
Ondo State Records Strong Revenue Performance in 2025 Mid-Year Budget Report Despite Capital Expenditure Setbacks
Ondo State Government has posted an impressive 95.44% revenue performance in its 2025 mid-year budget implementation, driven largely by robust FAAC inflows and improved internally generated revenue. This is according to the recently released second quarter Budget Performance Report by the State Ministry of Economic Planning and Budget.
For the second quarter (April–June), the State recorded actual revenue of ₦91.708 billion, representing 52.51% of its quarterly target of ₦174.665 billion. However, cumulative mid-year figures reached ₦333.395 billion against the annual target of ₦349.330 billion, boosted significantly by unexpected revenue from FAAC items such as Excess Non-Oil, NLNG dividends, and mineral derivations.
Statutory allocations alone outperformed expectations, recording a second quarter performance of 216.05% and a cumulative 184.03%. Other strong contributors included VAT (118.79% mid-year), Mineral Derivation (134.39%), and State Infrastructure & Security Fund (247.57%).
Independent Revenue also exceeded expectations at 111.98% for Q2, bolstered by proactive collections from agencies like the Civil Service Commission, Ministry of Justice, and Ministry of Information and Orientation. Non-tax revenue, however, lagged at 29.1%, attributed to seasonality and timing issues such as school and produce fees.
Despite the strong revenue showing, the report highlights underperformance in capital expenditure and loan drawdowns. Only ₦61.883 billion, or 28.54% of the ₦433.622 billion capital budget, was expended by mid-year. This shortfall is due to delays in project take-off and incomplete documentation processes by some Ministries, Departments, and Agencies (MDAs).
Loan and grant performance also faltered. Out of ₦210.843 billion earmarked for borrowings, only ₦5.626 billion (5.34%) had been accessed as of June 2025. Similarly, grants posted a mid-year performance of 77.30%, boosted by early access to funds from UBEC/SUBEB, YESSO, and the Ondo State Contributory Health Commission.
Recurrent expenditure fared better, with ₦84.371 billion spent out of a ₦132.519 billion mid-year target (63.67%). Personnel costs hit 68.21% of their target, though this is expected to rise as newly recruited workers begin receiving salaries.
Looking ahead, the State Government has promised to improve capital budget performance by fast-tracking documentation and project commencement, especially in sectors such as water, education, and infrastructure.
The Ondo State Budget Office reaffirmed its commitment to fiscal transparency and pledged continued publication of quarterly budget reports on or before 28th of the each quarters of the year.
