Ondo State has reported total revenue (including grants) of ₦58.2 billion for the first six months ended 30 June 2022, based on the 2022 second quarter Budget Performance Report.
Ondo State’s total revenue as of the year ended 31 December 2021 stood at ₦109.6 billion.
A breakdown of Ondo’s total revenue for FYE 2021 showed that statutory allocation accounted for 44.4% (2020: 48%), while IGR, which is considered the most stable source of income, accounted for 35.4%, up from 31% in the previous year.
Ondo State’s share of value-added tax represented 20.2% of total revenue in the same period.