Yesterday Ekiti State Governor Ayodele Fayose presented 2016 budget of N67, 044,395,547,91 dubbed ‘Budget of Reality’ to the State House of Assembly for approval.
According to Fayose, the 2015 budget which is 17% more than the 2016 budget was “below expectation” as only 70% of the budget was utilised as at the end of the third quarter.
The proposed budget is made up of N24.9billion capital expenditure and N42.1billion recurrent expenditure. The economic sector will be allocated N14.1b representing 57 percent of the total budget while environmental sector gets the least allocation of N1.072b representing 4 percent of the budget.
He said the proposed budget would focus on the implementation of projects and programmes with particular focus on empowerment, agriculture, infrastructural development, education, science and technology, health care services and good governance.
He also stated that the 2016 budget would be financed by Internally Generated Revenue (IGR) and revenue from the Federation Account.