Governor Kayode Fayemi of Ekiti State on Monday signed the Revised/Supplementary Appropriation Bill of N91.128bn to law.
This was in response to the prevailing economic challenges occasioned by fall in the price of crude oil owing to the coronavirus pandemic.
The bill, according to the governor, reflect the downward review of the initial budget of N124.724,869,355.85k to N91,128,996,482.1k.
This was made up of a current expenditure of N59.63bn and capital expenditure of N32.65bn representing a ratio of 55:35 percent in response to the exigency of the state finances and the current economic realities.
Signing the bill at the Conference hall, governor’s office, Fayemi, explained that the revised/supplementary budget becomes expedient as a result of the outbreak of Coronavirus which “dealt a debilitating blow on our macroeconomic projections,” making the initial budget which was prepared in the “underlying assumption of relative stability of major macroeconomic parameters” unrealistic.
Speaking further, the Governor disclosed that the budget was designed to also focus on critical legacy projects, after taking into cognisance the dwindling revenue accruing to the State from the federation account.
Revealing that the Revised/ Supplementary budget incorporated the guidelines for the State Fiscal Transparency and Accountability (SFTAS) Programme-for-Result, Dr Fayemi stressed that the current economic situation does not give room for “frivolities” but sacrifice, charging all Ministries, Departments and Agencies (MDAs) and other stakeholders to maintain budget discipline in the execution of the budget.
The Governor, commending Members of the House of Assembly for expediting action on the passage of the financial bill, revealed that the budget was the outcome of a wider community and public engagement.
The brief ceremony was witnessed by the Deputy Governor, Otunba Bisi Egbeyemi, Speaker of the House of Assembly, Rt. Hon, Funminiyi Afuye, Deputy Speaker, Hon Hakeem Jamiu, Members of the State House of Assembly, Secretary to the State Government, Biodun Oyebanji, Head of Service, Mrs Peju Babafemi and other Stakeholders.