The Governor of Ekiti State, Dr. Kayode Fayemi, has approved a downward review of the 2020 budget from the initial N124. 5 billion to N91.128 billion, in tandem with the current economic reality caused by the fall in crude oil prices at the international market.
The state government said the decline in the global oil prices, has necessitated a fall in revenue accruing to Ekiti from the Federation Account, which brought the reduction of the initial budgetary status by the sum of N33 billion.
A statement on Saturday by the Commissioner for Information, Muyiwa Olumilua, said the government took the action at its virtual state executive meeting held in Ado Ekiti, on Friday.
In the draft supplementary budget, according to the statement, the personnel cost was to remain at 100 percent while the council approved reduction in overheads by 50 and grants to parastatals by 20 percents.
“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 a capital expenditure of N34, 571,037,719.01″.
The council also approved a memorandum on the N 2.5 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.
” N2bn 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 approved the sum of N281, 928,000.00 for the procurement of laboratory equipment for the Ekiti State College of Agriculture and Technology, Isan-Ekiti, Ekiti State.