Recession forces Fayose to present N93.4bn budget for 2017

Ekiti State Governor Ayodele Fayose on Tuesday layed before the state House of Assembly in Ado Ekiti, a N93.4billion 2017 Budget he termed “Budget of Higher Height”.

The governor who recognised that his 2017 budget was at least 33 per cent higher than the N70.5billion presented for 2016, blamed the economic recession in the country as the reason for the gap increment.

Dressed in a military camouflage, black t-shirt and fez cap, during the presentation, the governor put the recurrent expenditure for the 2017 appropriation bill at N55.02billion, which is 59 per cent of the budget, and capital expenditure at N38.42billion representing 41 per cent of the budget.

In his appraisal of the 2016 Budget, Fayose explained that the state only recorded 89 per cent performance owing to the unfavourable economic woes in the country, adding that the situation affected the
state government negatively.

Read also: Buhari to present 2017 budget Dec14

According to him, out of the estimated revenue of N58.7 bn for 2016, only N52.4 billion was realised as actual revenue.

Fayose said, “The performance of the budget is a reflection of the state of the Nigerian economy. It must be noted that Ekiti State is not immune to the shocks and depression of the national socio-economic
scene. It is no longer news that the economy of the nation is in trauma and this had impacted negatively on the finances of the state.”

He however said that his governmet was able to, despite the challenges, execute several projects.

Also pinpointed as his government achievement during the year was the state’s Social Security Scheme where government pay 10,000 people N5,000 stipend monthly.

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