Ekiti State Governor Kayode Fayemi yesterday signed the 2020 supplementary budget of N91.128 billion into law.
“in response to the exigencies of our finances and the realities of the times”, the budget is made up of N59,063 billion as recurrent expenditure and N32,065 billion as capital expenditure, representing 65:35 ratios.
Fayemi, at the event attended by House of Assembly Speaker Funminiyi Afuye and top government functionaries, said the state would be open and accountable in the implementation of the budget adding that it became imperative to review the 2020 budget and prepare a supplementary budget to lessen the effects of the pandemic on the economy.
According to the governor, he reviewed the initial N124.7 billion budget earlier passed and signed last December before it was reduced by N33billion as a result of the decline in oil prices and the attendant reduction of federal allocations to states.
Fayemi noted that the 2020 ‘Budget of Deliverables’ was reviewed downward following outbreak of the novel coronavirus, which had crippled the economy, making the implementation of the initial budget unrealistic.
“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’s Fiscal Transparency, Accountability (SFTAS) Programme-for-Result additional financing by setting aside part of the total expenditure for COVID-19 related activities.”he said.
The governor, who commended the efforts of the development partners in the transformational agenda of his administration, pledged that the current administration would collaborate with private investors to make Ekiti great.
He said the 2020 supplementary estimate was put together to ensure that the state’s meagre resources were mobilised to specific and critical areas of the economy.
Fayemi said with this reduction, government’s areas of focus will 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.
“The 2020 supplementary budget reflects our determination that Ekiti State remains resilient in the face of the challenges posed by COVID-19. We are resolute in our belief that the economy will bounce back stronger.
“I appreciate the efforts of our revered leaders and illustrious sons and daughters of this state, who have donated to the fight against COVID-19 pandemic and in alleviating the suffering of our people, most especially the vulnerable.”he added.
