BY ALO ABIOLA, Ado Ekiti
The Governor of Ekiti State Mr. Ayodele Fayose has signed the N98.6bn 2018 Ekiti State Budget into law.
This followed December 19 passage of the appropriation bill by Ekiti State House of Assembly as presented by the governor.
Fayose while signing the budget into law at the Government’s House in Ado Ekiti, lauded members of the assembly for ensuring the expeditious passage of the budget.
The governor said, “This is the last budget I will sign as governor of Ekiti having done the little God has 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 am not in doubt, record will show you as one of the best Assemblies we ever had in the history of Ekiti.”
Fayose had on December 5th this year presented the appropriation bill tagged “Budget of Accomplishment” at a well attended plenary presided over by the Speaker Kola Oluwawole.
The budget is greater than 2017 budget of N93.09bn by 5.5 per cent.
The budget consists of N66.4bn recurrent and N32.1bn capital expenditure.
The governor 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 said the budget which would be financed through federal allocation 33 percent, internally generated revenue 11 percent, Value Added Tax 11 percent, Education Intervention Fund four percent and sundry incomes, 12 percent when passed would help to complete projects under completion.
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