Ekiti state governor, Biodun Oyebanji, has presented a sum of N159.5bn budget proposal to the state House of Assembly for the 2024 fiscal year.
The 2024 budget christened “budget of sustainable growth and development” has a capital expenditure of N70.88bn and 87.57bn for the recurrent expenditure totalling 159.5bn as against the 2023 budget estimate of N134.73bn.
While infrastructure was allocated a lion’s share of N20b, Micro, Small and Medium Enterprise N5.7bn, Health 3bn, education 2.5bn, Water N2.3bn, Agriculture N1.6bn, and electricity 1bn.
A breakdown of the recurrent expenditure showed that personnel cost would gulp N30.35bn, overhead cost N36.4bn, grant and subsidies 15.2bn, debt service N360 billion, overhead legislature 1.6bn and grant to judiciary N2.8bn.
Presenting the budget at the House of Assembly on Friday, Oyebanji said the estimates were consistent with the parameters of the state’s 2024-2026 Medium Term Expenditure Framework and the Fiscal Strategy Paper earlier approved by the assembly.
He explained that the proposed budget was predicated on an oil benchmark of $60 per barrel at production of 1.60mn barrels per day.
The governor further expounded that the objectives of the 2024 budget would include: the completion of ongoing projects; stimulation of economic activities; provision of infrastructures, creation of an enabling environment for MSMES, and strengthening of security architecture cushioning the effect of fuel subsidy removal amongst others.
He said: “Arising from the 30-year State Development Plan, and the outcome of the citizens’ engagement and the work plans developed by the various MDAs, the government has proposed to carry out the following critical initiatives and projects in 2024 in addition to the completion of ongoing projects.
“Capacity building and empowerment of youths and women; Urban Development projects, Agricultural and related value-chain development, Facilitation of access to credit and other critical inputs needed by the MSMEs and informal sector.
“Others include, massive electrification of rural communities, construction of Ikere-Igbara Odo road, Ajebandele – Deeper Life – Alasia -Omisanjana Road, Ikole-Ara-Isinbode Road, Igbara Odo-Ikogosi Road, Itawure-Okemesi Road, Construction of Cultural Centre and Indoor Sports centre, and Development of the Ado-Ekiti Central Business District”
He appealed for due consideration and timely approval of the budget, promising to faithfully implement its provision for the development of Ekiti and the benefit of its people.
Receiving the 2024 budget proposal, the Speaker, Adeoye Aribasoye commended the governor for his efforts at ensuring the economic prosperity of the state.
Aribasoye urged the Head of Ministries, Departments and Agencies to cooperate with the Assembly to make the passage of the budget seamless in the overall interest of the state.
Peoplesmind