Ekiti State Governor, Mr Ayodele Fayose, on Tuesday presented a budget estimate of N93.4 billion to members of the House of Assembly in Ado-Ekiti.
The budget, which is 33 percent higher than the 2016 Budget of N70.5 billion, was christened “Budget of Consolidation”
Governor Fayose, while appraising the 2016 Budget, said the state only recorded 89 percent performance due to unfavorable economic climate in the country and which negatively affected the state government.
He said out of proportional estimated revenue of N58.7 billion for 2016, only N52.4 billion was realized as actual revenue.
“The performance of the budget is a reflection of the state of the Nigerian economy. It must be noted that Ekiti State is not immuned to the shocks and depression of the national socio-economic scene. It is no longer news that the economy of the nation is in trauma and this had impacted negatively on the finances of the state,” he stated.
However, despite the challenges faced by the government in getting finances for the 2016 Budget, Fayose noted that a lot of projects were still executed or started.
He listed them to include the construction of the Adunni Olayinka Women Centre, completion of the second phase of the Ikere Road dualisation, dualisation of roads in Efon, Ikole, Omuo among others.
He also mentioned the take off of the state’s Social Security Scheme whereby 10,000 people are paid N5,000 stipend monthly.
On the highlights of the 2017 Budget, Governor Fayose said it would focus on the completion of critical projects vital to the administration’s Six Cardinal Programme.
He also said attention would be paid to improving the internally-generated revenue of the state and to curtail extra-budgetary spendings.
For the 2017 Budget estimates, the Recurrent Expenditure is N55.02 billion which is 59 percent of the budget, while Capital Expenditure is N38.42 billion or 41 percent of the estimates.
Out of the Capital Expenditure, the Economic Sector will have N17.9 billion which is 19 percent, Administrative Sector gets N11.5 billion or 12 percent, Social Sector N7.3 billion or 8 percent. Environmental Sector is N1.5bn or 2 percent.
In his speech, the Speaker, Ekiti State House of Assembly, lauded the governor for his prudent management of the state’s resources. He gave the assurance that the lawmakers would give speedy consideration to the document.