Gov. Ayo Fayose of Ekiti State on Friday signed the N98.6 billion budget for 2018 into law, the News Agency of Nigeria (NAN) reports.
The state House of Assembly had on December 19 passed the budget as presented by the governor.
Signing the budget at the Government House in Ado Ekiti, the governor commended the assembly for ensuring its early passage.
“This is the last budget I will sign as governor of Ekiti, having done the little God had helped me to do.
“I commend the assembly for standing by me. It is my prayer that this assembly will continue to grow from strength to strength.
“You have demonstrated responsible leadership. I’m not in doubt record will show you as one of the best assemblies we ever had in the history of Ekiti.’’
NAN reported that the 2018 budget, code-named “Budget of Accomplishment”, was presented at a plenary presided over by the Speaker Kola Oluwawole on Dec. 5.
The budget is greater than 2017 estimates of N93.09 billion by 5.5 per cent.
It consists of N66.4 billion recurrent and N32.1 billion capital expenditures.
Mr. Fayose had said, “The recurrent to capital ratio is 67:33 as against 42:58 in the 2017 fiscal year.
“This was in consonance with the Fiscal Responsibility Plan which is globally acceptable.
“We have chosen to be sincere and be realistic with our people instead of having a bogus budget that is unrealisable.’’
He added that the budget would be financed through federal allocation (33 per cent), internally generated revenue (11 per cent), Value Added Tax (11 per cent), Education Intervention Fund (4 per cent) and sundry incomes (12 per cent).
He said the budget, when passed, would help to complete projects under construction.