Ekiti State Government has presented the breakdown of the N159.6Billion 2024 Budget signed into law by Governor Biodun Oyebanji on 27th December, 2023 to the public.
At a public presentation of the breakdown and analysis of the budget tagged “ Budget of Sustainable Growth and Development”, held at Jibowu hall, Governor’s office, Ado- Ekiti, the state’s Commissioner for Budget, Economic Planning and Performance Management, Mr Niyi Adebayo, who gave a breakdown of the budget estimates, said the thrust of the fiscal document is to sustain the administration’s policy of shared prosperity through the six-pillar agenda of the government.
According to Adebayo, the 2024 budget with a total size of N159.6 billion, which 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. He stated further that actual revenue and expenditure for 2023 were N139.9 billion and N137.2 billion respectively, representing a performance ratio of 97 and 95 percent respectively when compared to the 2023 budgeted figures.
He also affirmed that the budget showcases the commitment of the Biodun Oyebanji administration to economic reforms necessary for creating opportunities towards achieving economic recovery. It also reveals government desires on improved sectorial allocations to boost the economy towards achieving the shared prosperity agenda of the administration by stimulating sustainable economic growth and development.
The Commissioner explained that the objectives of the budget included shared prosperity agenda of government; expansion of revenue base; creation of 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.
He explained that the budget was prepared against the backdrop of continuing global and national economic challenges.
Speaking further, Adebayo 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.
The Commissioner noted that the Budget would focus more on ongoing and new capital projects and programmes that would enhance the achievement of the six pillar agenda of government through infrastructure and industrial development; agriculture and rural development; youth development and job creation; human capital development; arts, culture and tourism and effective governance, all of which would help unlock the economic potential of the state.
He highlighted some capital projects that the 2024 budget would address to include road constructing in and around the capital city of Ado Ekiti and other towns of the state as well as the new ring road; agricultural development; public building projects including completing the construction of Governor’s and Deputy Governor’s lodge in Asokoro, Abuja, renovation and landscaping of state Secretariat Complex, and electrification and extension of Independent Power Project to key facilities in the state.
Sectorially, the Commissioner noted that the budget showed that the Biodun Oyebanji administration is deliberately committed to the economic emancipation of the state by allocating increased budget to the social and economic sectors, which comprise education, health, youth and sports, culture and tourism, agriculture, works and infrastructure.
According to the breakdown, the state government projected to earn N53.6 billion in federal allocation, N28.2 billion in Value Added Tax, N22.5 billion in Internally Generated Revenue and N50.3 billion in grants and other capital receipts, among others.
Present at the budget analysis presentation include the Secretary to the State Government, Dr Habibat Adubiaro, members of the state executive council, Permanent Secretaries, financial experts and representatives of the media and the Civil Society Organizations.
