The proposal comprises a recurrent expenditure of N72,580,376.29 or 56.0% and capital expenditure of N57,214,891.72 or 44.0%
Presenting the budget estimates on the floor of the House in Ado-Ekiti, Dr Fayemi said the 2019 budget was based on some macro-economic assumptions as they affect the ability of the government to generate revenues to finance its various projects and programmes.
According to him, the budget, which is tagged “Budget of Restoration” was judiciously tailored at actualizing the 4-pillar of his administration to enhance good governance and speedy economic recovery of the state.
Giving a breakdown of the budget, Fayemi said, Infrastructure and Industrial development had the highest estimates of N40,122,788,579.83 or 31,0%, followed by Knowledge economy with N33,393,440.901.80 or 26.0%. others are governance, N32,227,593,099.70 or 25.0%; Social Investment, N15,741,236.373.79 or 12.0% and Agriculture and Rural Development, N8,439,413,179.89 or 6.0%.
He explained that the budget was based on crude oil benchmark of US$50 per barrel and Oil production estimate of 2.4 Million barrels per day. Other assumptions include exchange rate of N305/US Dollar; inflation rate at 12.57% as well as blockade of leakages of remittance to the government treasury.
The Governor also said consistent economic diversification from absolute reliance on the dwindling federal allocation to agriculture and entrepreneur skill acquisition would also be given important consideration in his efforts to actualize the budget proposal.
He used the opportunity to assure Ekiti people of an enabling environment where the people would live their lives in dignity and respect adding that the budget would be judiciously implemented so as to provide democratic dividends to the people.
“My vision for our state is to ensure that Ekiti becomes a place where people can thrive and live their lives in dignity. This credo will not only encapsulate the direction of my government, it will remain a standard of measurement for all that we do or say”. Fayemi said.
Appreciating the Lawmakers for the existing cordial relationship between the executive and the Legislature, the governor urged them to give timely consideration to the passage of the budget.
He said, “You have demonstrated in a rare, but most unique manner, that indeed it is the interest of Ekitikete that matters among all other considerations. Please, be assured of the strong commitment of the Executive branch to deepening the existing relationship with the Legislature.
“Working together in one accord, we can ride on the strength of the restoration agenda to reposition the state for a lasting economic prosperity”.
“As a government, we a determined to bring succour tour people, improve their lives and deliver on our promises to them. Therefore, 2019 is a crucial year for us to lay solid foundation needed to actualize our four point agenda vis-à-vis our quest to institutionalize the policies and practices to restore our values and dignity”.
The Speaker of the state House of Assembly, Hon. Adeniran Alagbada, in his remarks promised that the Lawmakers will ensure the speedy passage of the bill adding that the synergy between the executive and the legislature would take the state to the next level of development.
The Speaker said, “Let me assure His Excellency that the House and its relevant Committees will work round the clock on the appropriation bill and pass it into law within the shortest possible time.
“The task of governing the state is a collective one. The three arms of government must collaborate together to move the state forward. The Legislature is ever ready to translate the policy initiatives of your administration into an enduring legacy.
Those expecting Ekiti state House of Assembly to be a battle field or a war zone should better look elsewhere because they will be disappointed. Our governor is a listening administrator who accords every arm of government deserved respect and dignity. He is not a meddlesome interloper like others”.
Last modified: December 22, 2018