Ekiti State Government Slashes 2020 Budget By N33 Billion

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Ekiti state government on Saturday announced a reduction in its 2020 budget from N124.5 billion to N91.128 billion in accordance with the current economic realities due to Coronavirus pandemic.

The State Commissioner for Information and Values Orientation, Mr. Muyiwa Olumilua, made this known in a statement released in Ado Ekiti.

Olumilua said that the government took the decisions, at its virtual State executive meeting in Ado Ekiti, late Friday.

He said that Gov. Kayode Fayemi had approved a draft Supplementary for the downward review of the 2020 budget from N124. 5 billion to N91.128 billion in view of the general fall in crude oil prices at the international market.

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According to him, the decline in the global oil prices has also caused a drastic fall in revenue accrued to Ekiti from the Federation Account, which brings the reduction of the initial budgetary status by N33 billion.

In the draft supplementary budget, Olumilua said the Personnel costs would remain at 100 percent, reduction in overheads by 50 percent and grants to parastatals by 20 percent.

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” The Supplementary Budget proposes an estimate of N91, 128,996,482.01, which is made up of Recurrent Expenditure of N56, 557,958,763.00, and capital expenditure of N34, 571,037,719.01.

“The council also approved a memorandum on the N2.5 billion credit support facility for the Medical Sector in Ekiti State, to be accessed via the Central Bank of Nigeria’s Credit Support Intervention for Health Care sector.

“Out of the N2.5 billion, N2 billion will be expended on financing the State’s Health Care facilities and acquisition of medical equipment, while N500 million is for the purchase of medical consumables, drugs and other expenditure of the state medical facilities.

”The government also approved N281.9 million for the procurement of laboratory equipment for the Ekiti State College of Agriculture and Technology, Isan-Ekiti, Ekiti State,”

He said.

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The post Ekiti State Government Slashes 2020 Budget By N33 Billion appeared first on Naijaloaded | Nigeria’s Most Visited Music & Entertainment Website.


Source: News update

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