Kayode Fayemi, the governor of Ekiti State on Monday, June 22, 2020, signed the 2020 supplementary budget of N91.128 billion into law.
The budget is made up of N59,063 billion as recurrent expenditure and N32,065 billion as capital expenditure, representing 65:35 ratios in response to the exigencies of our finances and the realities of the times
Fayemi, at the event attended by the speaker Funminiyi Afuye and top government functionaries, promised the state would be open and accountable in the implementation of the budget.
He said it became imperative to review the 2020 Budget and prepared a Supplementary Budget to mitigate the effects of the pandemic on the economy.
The Governor explained he had to review the initial N124.7 billion budget earlier passed and signed in December 2019 before it was reduced by N33 billion naira as a result of the slump in oil prices and the attendant reduction of federal allocations to states.
He noted the 2020 ‘Budget of Deliverables’ was reviewed downward owing to a sudden outbreak of the novel Coronavirus, which had crippled the economy making the implementation of the initial budget unrealistic.
He said: “The 2020 Approved Budget size of N124,724,869,355.95 has been reviewed to N91,128,996,482.01 in the supplementary budget.
“This is made up of N59,063,958,763.00 as Recurrent Expenditure and N32,065,037,719.01 as Capital Expenditure, representing 65:35 ratios.
“The 2020 Supplementary Budget was designed, bearing in mind the dwindling revenue from the Federation Account, to focus on critical priority legacy projects.
” The supplementary budget also considered the Guidelines for the State Fiscal Transparency, Accountability, SFTAS, Programme-for-Result additional Financing by setting aside part of the total expenditure for COVID-19 related activities”.
Fayemi, who commended the efforts of the development partners in the transformational agenda of his government, promised that the present administration shall continue to collaborate with private investors to make Ekiti great.
The Governor added the 2020 supplementary estimates have been put together to ensure that the state’s meager resources are mobilized to specific and critical areas of the economy.
He said with this reduction, government areas of focus would be on health and environmental response; interventions with a view to improving the standard of living of the people; food security in the agricultural sector; improved ease of doing business; and other multi-sectoral responses.
Source: The Nation