Ekiti State government has expressed its determination and desire to improve sectoral allocations to boost the economy towards achieving the shared prosperity agenda of the administration by stimulating sustainable economic growth and development.
The state’s Commissioner for Budget, Economic Planning and Performance Management, Mr Niyi Adebayo stated this during the presentation of the breakdown and highlights of the N159.6 billion 2024 Budget in Ado Ekiti.
The budget tagged, “Budget of Sustainable Growth and Development”, it would be recalled, was signed into law by Governor Biodun Oyebanji on 27 December, 2023.
He added that the thrust of the fiscal document is to sustain the administration’s policy of shared prosperity through the six-pillar agenda of the government.
The budget, which he said stemmed from both the six-pillar agenda of the administration and the State’s 2024-2026 Medium Term Expenditure Framework (MTEF), represents an increase of 10 percent over the 2023 Supplementary Budget of N144.7 billion.
Adebayo explained that the objectives of the budget included a shared prosperity agenda of government; expansion of revenue base; creation of an enabling environment for MSMEs; youth and women empowerment as well as instilling good governance, among others.
He added that the budget would help in building and enhancing the capacity of civil servants; cushion the effect of fuel subsidy on the populace; create employment opportunities; guarantee food security; assist the state in her quest to boost her achievement along key dimensions of human development and stimulate economic activities in the state.
Adebayo explained that the budget was prepared against the backdrop of continuing global and national economic challenges.
He pointed out that the estimate for recurrent expenditure in the approved Budget stand at N89,952,583,682.41 representing 56 percent of the budget, while the capital expenditure of N69,388,898,233.20 represents 44 percent of the budget.
