The Governor of Ekiti State, Kayode Fayemi, has presented a 2020 appropriation bill of N124.7 billion to the Ekiti State House of Assembly.
The budget which is christened ‘Budget of Deliverables’ has N53.5 billion representing 43 per cent as capital expenditure while the recurrent expenditure is N71.2 billion representing 57 per cent of the total budget estimate.
According to a statement made available on the Ekiti State Government twitter page, the budget was tailored after the Fayemi administration’s five-pillar agenda for development which is aimed at enhancing good governance and speedy economic transformation of the state.
The allocation of the budget includes, Agriculture & Rural Development, N3.7 billion (3 per cent); Knowledge Economy, N24.7 billion (20 per cent); Social Investments, N11.2 billion (9 per cent), Infrastructure and Industrial Development N39.7 billion (32 per cent) and Governance N45.4 billion (36 per cent).
The governor said his administration has not wavered from its determination to revamp the socio-economic environment through “distinctive measures and approaches which are conceptualised and aligned with the fiscal framework of the state.”
Mr Fayemi said the state’s budget system has been upgraded to conform with the global standard as the document transited from cash-based budgeting to International Public Sector Accounting Standard (IPSAS).