The Ekiti State Government said it had earmarked N40 billion to address underdevelopment in industry and infrastructure of the state, under the current fiscal year.
The State Commissioner for Finance and Economic Development, Mr Dapo Kolawole, made this known in Ado Ekiti on Friday at a public forum where he gave detailed breakdown of the N129.9bn state budget.
Kolawole said the N40 billion represented 31 per cent of the state’s 2019 budget.
According to him, the knowledge economy also has over N33 billion voted for it, representing 26 per cent of the budget already signed by the Gov. Kayode Fayemi.
He said the budget christened “Budget of Restoration” was N129,924,472,135.01, comprising N57,214,891,758.72 representing 44 per cent Capital Expenditure and N72,709,580,376.29 translating to 56 per cent as recurrent expenditure.
He said the budget had an increase of N 21,386,399,321.49 over that of 2018 which stood at N108,538,072,813.52, representing 20 per cent.
“In accordance with the Fiscal Sustainability Plan (FSP) of the Federal Government of Nigeria, the recurrent capital ratio of 2019 budget is 56:44 as against 69:31 in the 2018 budget,’’ he said.
Kolawole said the general objective was to establish an effective fiscal strategy to revamp the state’s economy.
“We are resolute in effectively promoting completion of all critical capital projects that have been abandoned.
“This aligns with the four pillars of our administration’s policy and programmatic thrust to reinstitute good governance through budgetary discipline, probity and accountability,” he said.
He said government would also complete the College of Agriculture in Isan Ekiti, with the sum of N500m while another N500m would be used to complete the establishment of the new gifted schools already located at Afao, Isan and Ilawe Ekiti.
He said that “In the budget, there will be rehabilitation of roads, in Iropora-Ara-Epe-Ijero, Awo-Ara-Ijero, Ilupeju-Ire, Osi-Epe, Iworoko-Are-Afao, Afao-Igbemo, Afao-Ire roads which will gulp N380m.
“In the health sector, a sum of N2 billion has been allocated for the construction of Oba Adejuyigbe Hospital and renovation of 18 secondary health facilities across the state with N50m.
“Government will also renovate some high courts and magistrate courts, including office equipment and furniture to the tune of over N230m, while the State House of Assembly will receive N79m for maintenance of its complex,” he said.