Home Money Governor Fayemi signs Ekiti State 2021 appropriation bill of N109.666 billion into...

Governor Fayemi signs Ekiti State 2021 appropriation bill of N109.666 billion into Law

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Governor Fayemi signs Ekiti State 2021 appropriation bill into law. Photo Source: Government of Ekiti State.

By Audrey Lotechukwu

WED, 23 DEC, 2020-theGBJournal- The Governor of Ekiti State, Dr Kayode Fayemi today signed the State’s 2021 appropriation bill of N109, 666, 376, 722.61, expected to channel the roadmap for State’s government business in 2021, into law.

The budget represents a 20% increase when compared to the 2020 supplementary budget of N91, 128, 996, 484.01 only.

The major sources of revenue for the budget are Federal Allocation, the Value Added Tax, Internally Generated Revenues and Grants from the State Transparency, Accountability and Sustainability Programme (SFTAS) and drawdown from development partners.

53% or N57, 997,989,982.62 of the 2021 ‘’Budget of Recover and Economic Restoration’’ is appropriated for recurrent expenditure and 47% is for Capital expenditure, an equivalent of N51,688,386,739.99.

The recurrent revenue is expected to be expanded on personal cost, overhead cost, grants to parastatals and consolidated revenue fund charges while recurrent expenditure will be deployed to see out on-going projects as well as the commencement of new essential ones which the Governor said will be vigorously pursued.

Governor Fayemi while presenting the budget on October 27, 2020 told the State’s House of Assembly that the budget is in accordance with the five pillars of his administration which are Agriculture and Rural Development which got an allocation of N7,920,439,216.75 (7%), Infrastructure and Industrial Development-allocated 23% of the budget, an equivalent of N25,217, 177,807.67, Knowledge Economy-20% or equivalent of N21,931,894,938.68, Social Investments which is allocated 23% of the budget or N25,274,622,256.29 and Governance which is allocated 27% of the budget or equivalent of N29,322,242,503.22.

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