ECONOMIC SECTOR TOPS AS EKITI PRESENTS BREAKDOWN OF 2024 BUDGET

 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