The Governor of Ekiti State, Kayode Fayemi, on Wednesday signed the state’s 2020 appropriation bill into law, with a promise to deliver his electioneering promises to the people of the state.
Mr Fayemi recently presented the 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.
The Ekiti State House of Assembly on Monday passed the bill into law.
In a statement made available on the Twitter page of the Ekiti State Government, Mr Fayemi, while signing the budget, described it as a plan focused on enhancing good governance and implementing a speedy economic transformation of the state.
He added that the budget signalled his administration’s focus on improving and “deepening the infrastructure stock required to attract investments to the state.”
The governor stated that the signing of the appropriation bill into law has returned the state to its predictable January to December budget cycle while also switching from the old fashioned cash-based budgeting to International Public Sector Accounting Standard (IPSAS).
He stated that his government is now well-positioned to implement the budget and continue the journey of delivering its promises to the people.
“This budget tagged ‘Budget of Deliverables’ is a N124.7 billion plan focused on enhancing good governance and implementing a speedy economic transformation of Ekiti State.
“It signals our focus on improving and deepening the infrastructure stock, required to attract investments to our state; targeting agricultural and rural transformation, enhancing human capital development by improving access to quality education and healthcare; social investments to support and protect the poor and vulnerable; and the improvement in governance systems across the State”, he said.
Mr Fayemi thanked the State House of Assembly, the State Executive Council members, the public service and Ekiti residents for the collaborative efforts that have returned normalcy to the state budgeting cycle.
The governor said the assembly has proven to be a worthy partner with the executive by working “tirelessly to review the budget estimates and prepare a final budget”.
In his remarks, the Speaker of the State House of Assembly, Funminiyi Afuye, said the assembly painstakingly deliberated and “forensically scrutinized” the budget estimate as required by the law.
Mr Afuye said the people’s engagement in the budgeting process, as well as the cordial relationship between the executive and the legislature, made its passage easier.
The speaker who urged the governor to ensure that the new budget is implemented said the State House of Assembly will conduct oversight activities on budget tracking and monitoring of the MDAs.
“The budget is indeed a budget of Deliverables guided by the fiscal policy and strategic focus as enshrined in the five cardinal pillars of your administration. In any budget cycle, Your Excellency, implementation is critical.
“I want to implore Your Excellency to ensure that this Appropriation Law is implemented to the letter. I pray for a robust economy to enable you drive the five pillars to a desired end. The House will support you and our committees will regularly conduct oversight activities on budget tracking and monitoring of the MDAs,” he said.
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