Ekiti State Government has earmark over N40 billion to Infrastructure and Industrial Development which represent 31 percent of the classification of the pillar of the 2019 budget in the state.
The Knowledge economy has over N33 billion representing 31 percent of the appropriation law already signed by the Governor Fayemi, on Wednesday.
Ekiti State Commissioner for Finance and Economic Development, Mr. Dapo Kolawole, at the presentation of the detailed analysis of the 2019 budget to stakeholders and the general public at government office in Ado-Ekiti, Ekiti State capital yesterday.
Kolawole said the 2019 budget christened “Budget of Restoration”, is N129,924,472,135.01, comprising N57,214,891,758.72 representing 44 percent Capital Expenditure and N72,709,580,376.29 translating to 56 percent as recurrent expenditure.
According to him, the 2019 budget of N129,924,472,135.01 is N 21,386,399,321.49 greater than the 2018 budget of N108,538,072,813.52 representing 20 percent increment.
He further stated that “in accordance with the Fiscal Sustainability Plan (FSP) of the Federal Government of Nigeria, the recurrent capital ratio of 2019 budget is 56:44 as against 69:31 in the 2018 budget.
Kolawole added that the breakdown of the budget general objectives is to establish an effective and efficient fiscal strategy to revamp the state economy “to effectively promote completion of all critical capital projects that have been abandoned, which are aligned with the four pillars of our administration’s policy and programmatic thrust “to reinstitute good governance through budgetary discipline, probity and accountability in the allocation and utilization of public funds”.
The commissioner further noted that the state complete the college of agric in Isan Ekiti with the sum of N500 million while another N500 million will be used to complete the establishment of the new gifted schools already located at Afao, Isan and Ilawe Ekiti.
In the budget, there will be rehabilitation of roads, in Iropora-Ara-Epe-Ijero, Awo-Ara-Ijero, Ilupeju-Ire, Osi-Epe, Iworoko-Are-Afao, Afao-Igbemo, Afao-Ire roads which will gulped N380 million.
In the health sector, a sum of N2 billion has been allocated for the construction of Oba Adejuyigbe Hospital and renovation of 18 Secondary health facilities across the state with N50 million.
Government will also renovates some high courts, magistrate courts including office equipment and furniture to the tune of over N15 million while the state house of assembly will receives N79 million for maintenance of new house of assembly complex/construction of administrative building among others.