Ekiti State Governor, Dr. Kayode Fayemi, has said the 2020 supplementary estimates were put together to ensure that the state’s meagre resources are mobilized for the development of specific and critical areas of the economy.
He said the initial N124.7 billion Budget earlier passed and signed in December, 2019 was reduced by N33 billion naira owing to slump in oil prices and the attendant reduction of federal allocations to states.
The governor added that with this reduction, government areas of focus would 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.
He spoke in Ado Ekiti on Monday after signing the revised 2020 appropriation bill of N91.1 billion as passed by the House of Assembly into law.
Fayemi, who commended the efforts of the development partners in the transformational agenda of his government, promised that the present administration shall continue to collaborate with private investors to make Ekiti great.
“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, in response to the exigencies of our finances and the realities of the times.
“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 generously to the fight against COVID-19 and in alleviating the suffering of our people most especially, the vulnerable”, he said.