Ekiti State Governor, Abiodun Oyebanji, has presented the budget proposal for the fiscal year 2024, with a total sum of N159,572,481,915.61, to the state House of Assembly.
In his presentation, Governor Oyebanji stressed that this budget is strategically designed to maintain the upward trajectory of economic growth and other positive aspects of his administration.
Governor Oyebanji urged the Assembly, presided over by Speaker Adeoye Aribasoye, to expedite the passage of the budget, which has been aptly christened the ‘Budget of Sustainable Growth and Development’.
He elucidated on the budget’s revenue sources, stating, “To sustain economic growth and other positive indices of the present administration, a total revenue of N159,572,481,915.61 comprising revenue from federal allocation, Value Added Tax, Internally Generated Revenue (from EKIRS, MDAs, and Tertiary Institutions), international donor agencies, Innovative and Development Effectiveness for acquisition of skills, and other sundry income sources is proposed.”
The budgetary allocation, as presented by the governor, outlines that N71,994,898,233.20, representing 45 percent, has been earmarked for capital expenditure, while N87,577,583,682.41, representing 55 percent, is allocated for recurrent expenditure.
Governor Oyebanji emphasized that 2024 would be marked by significant infrastructural development, with over N20 billion allocated to this critical sector.
He elaborated, “There is no gainsaying the importance of critical infrastructural development to overall economic development. As part of the efforts to revamp and transform our infrastructural facilities, the sum of N20,302,000,000.00 has been proposed for the sub-sector.”
The Governor further expounded on the budget’s foundations, noting that it draws inspiration from the 30-year State development plan, the six pillars of his administration, the outcomes of citizens’ engagement, and the work plans devised by various Ministries, Departments, and Agencies.
He explained that in light of these considerations, the government has outlined several critical initiatives and projects slated for 2024, alongside the continuation of ongoing projects.
These include “capacity building and empowerment of artisans, youths, and women; urban renewal/development projects; agricultural and related value-chain development; and facilitation of enhanced access to credit and other critical inputs needed by the MSMEs and informal sector.”
Additional key initiatives encompass urban and rural electrification, construction of a Cultural Centre, development of the Ado-Ekiti Central Business District, renovation of schools throughout the state, renovation and equipping of secondary and tertiary health facilities, and the construction of an Indoor Sport Complex.
Furthermore, Governor Oyebanji’s proposal outlines a comprehensive roadmap for road development, featuring projects like the Ikere-Igbara Odo Road, Ajebandele-Deeper Life-Alasia-Omisanjana Road, Ikole-Ara-Isinbode Road, and more.
