Play Open

ECONOMIC SECTOR TOPS AS EKITI PRESENTS BREAKDOWN OF 2024 BUDGET

The Commissioner for Budget and Economic Planning and Performance Management , Mr. ‘Niyi Adebayo and Chairman House Committee on Finance and Appropriation, Hon. Teju Okuyiga.

Ekiti State Commissioner for Budget ,Economic Planning and Performance Management , Mr. ‘Niyi Adebayo has presented the State’s 2024 Budget Breakdown and Highlights with a pledge that the Oyebanji Administration would continue to demonstrate fiscal accountability and transparency in the running of government business and would also put in place mechanisms that would engender the growth of the economy of the state and improve the well being of the citizenry.

Speaking during the presentation of budget analysis to newsmen and other stakeholders in Ado-Ekiti , the Commissioner assured that the present Administration would effectively pursue its six-pillar agenda and maintain its philosophy of shared prosperity .

Adebayo outlined the objectives of the budget to include : Expanding the Revenue Base of the State : Creating an Enabling Environment for Medium Small Scale Enterprises ; Completion of Developmental Projects ; Youths and Women Empowerment ; Development of Human Capital Index ,
; Creation of Employment Opportunities, Stimulation of Economic Activities in Ekiti State as well as Improving the Security ; Building the Capacity of Civil Servants; Promotion of arts and culture ; Cushioning the effect of Fuel Subsidy as well as Guaranteeing Food Security .

The Commissioner who said the budget totaling N159.572 billion and christened “Budget of Sustainable Growth and Development “ is strategically structured around the administration’s six key developmental pillars with recurrent expenditure taking N89.360 Billion representing 56% of the budget while a sum of N70.211billion representing 44% is earmarked as Capital Budget.

Giving the expenditure analysis , the Commissioner said the sum of N30.399 billion representing 34% was allocated to personnel cost , N37.748billion represents overhead costs and a sum of N14.793billion representing 17% was earmarked grants and subsidies .

Analyzing the sectoral breakdown, Adebayo explained that N52.626biliion which represents 74.5% was allocated to the economic sector ;11.5% for the administrative sector ;Law and Justice 2.2% ; Regional ,0.1 % and a sum of N8.231billion representing 11.7% earmarked for the social sector

The Commissioner who highlighted the Budget allocation according to the six-pillar agenda said infrastructure and Industrial development takes the largest chunk with N28.130 billion , while a sum of N24.276 billion is earmarked for Governance, N2.029 billion for Agriculture and Rural Development, , N650 million for Art, Culture and Tourism, N9.277billion for Youth Development and Job Creation and a sum of N6.2billon is set aside for Human Capital Development

It will be recalled that Governor Biodun Oyebanji presented the Budget to the Ekiti State House of Assembly on October 12th, 2023 and assented to the approved budget on December 27th, 2023.

Posted in Ekiti State News Bulletin
Previous
All posts
Next

Write a comment

Ministry of
Information

The official Website, Office of Ekiti State Ministry of Information

Contact Us

+234 8160768195

© 2023 EKSG – Ministry of Information . All Rights Reserved.