Why Ekiti slashed 2015 budget –Govt
From WOLE BALOGUN, Ado Ekiti
Ekiti State Government yesterday said the government reduced the 2015 budget because of the dwindling federal allocation accruing to the state and the huge debt, allegedly inherited by Governor Ayodele Fayose’s government.
Fayose had, a couple of weeks ago, signed into law, a sum of N80.78 billion as the 2015 appropriation law, tagged: ‘Budget of Reality’, contrary to a sum of N103. 55 billion assented to by former Governor Kayode Fayemi in 2014.
The state Commissioner for Finance, Chief Toyin Ojo, gave the hint yesterday in Ado Ekiti, while giving a breakdown of the 2015 budget.
Ojo said the global economic recession that affected the oil proceeds in the country had started to affect the finances of the state.
“The downturn in the nation’s economy of which petroleum contributes 80 per cent of the revenue cannot but take its toll on Ekiti State since our economy depends largely on the monthly allocation from the federation accounts.
“The economy of the state is not presently at its best, this is due to the aforementioned and the huge debt totalling N69.5 billion inherited from the past administration,” he said. Ojo said of the N103 billion budget drawn by Fayemi’s government, only N67.1 billion was realized as the actual revenue, which he said represented 65 percent performance.
The commissioner said the 2015 budget centred mainly on empowerment and provision of infrastructures, including building of airport and extension of railway to Ekiti State.
He added that the loan repayment agreement with some commercial banks and financial institutions had been rescheduled for the state to have enough time to plan and meet the yearnings of the populace.
Ekiti State Government yesterday said the government reduced the 2015 budget because of the dwindling federal allocation accruing to the state and the huge debt, allegedly inherited by Governor Ayodele Fayose’s government.
Fayose had, a couple of weeks ago, signed into law, a sum of N80.78 billion as the 2015 appropriation law, tagged: ‘Budget of Reality’, contrary to a sum of N103. 55 billion assented to by former Governor Kayode Fayemi in 2014.
The state Commissioner for Finance, Chief Toyin Ojo, gave the hint yesterday in Ado Ekiti, while giving a breakdown of the 2015 budget.
Ojo said the global economic recession that affected the oil proceeds in the country had started to affect the finances of the state.
“The downturn in the nation’s economy of which petroleum contributes 80 per cent of the revenue cannot but take its toll on Ekiti State since our economy depends largely on the monthly allocation from the federation accounts.
“The economy of the state is not presently at its best, this is due to the aforementioned and the huge debt totalling N69.5 billion inherited from the past administration,” he said. Ojo said of the N103 billion budget drawn by Fayemi’s government, only N67.1 billion was realized as the actual revenue, which he said represented 65 percent performance.
The commissioner said the 2015 budget centred mainly on empowerment and provision of infrastructures, including building of airport and extension of railway to Ekiti State.
He added that the loan repayment agreement with some commercial banks and financial institutions had been rescheduled for the state to have enough time to plan and meet the yearnings of the populace.
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