Ekiti State Government has said that the 2022 budget was designed to prioritize the rehabilitation of the State Capital township road, completion of the ongoing airport and some other critical projects across the state in line with the five pillars of Fayemi led administration.
The state Commissioner for Budget and Economic Planning, Mr Olufemi Ajayi, stated this on Thursday, 20 January, 2022 at a press Conference in Ado Ekiti where he gave detailed analysis of the ₦100.75B budget recently ascented to by the State Governor, Dr Kayode Fayemi.
The Budget, according to the Commissioner would also ensure the completion of the new Governor and Deputy Governor’s lodge in Abuja, completion of one secretariat building, landscaping and fencing of State Secretariat complex in Ado Ekiti, procurement of vehicles and digitalization of personnel matters.
Others includ, land clearing for agricultural purposes, implementation of CARES projects, completion and rehabilitation of Ado-Iworoko-Ifaki dualisation road, Geographical information System, urban re-generation project, procurement of instructional materials, renovation and construction of public schools, renovation and equipping of secondary health facilities.
He further added that a sum of ₦11.6B has been budgeted for the construction of roads across the state in the new fiscal year.
To fund the budget, Ajayi explained that a revenue of ₦32.6b was expected from the federation account, ₦17.5b from Value added tax, ₦14.2 to be raised from internally generated revenue, ₦13.5b from external grant, ₦6b from internal grant and ₦10b from capital development fund with an opening balance of ₦7.2b
Ajayi, accompanied by the Commissioner for Finance and Economic Development, Mr Akintunde Oyebode, Special Adviser and Director General office of Transformation Strategy and Delivery (OTSD), Prof Bolaji Aluko, State Accountant General, Mrs Titilayo Olayinka, State Auditor General, Mr Oluwole Adeuya assured that the present administration would leave no stone unturned in ensuring the full implementation of the 2022 budget through effective revenue mobilization strategy.
“This administration will continue in its effort in putting Ekiti State among the comity of State with high internally generated revenue. Some of the rapid private investment in agribusiness in Ekiit, some through PPP arrangement while some total direct local and foreign investment will start to yield revenue to the Government in a foreseeable future.
“The gain derived from the optimal use of Treasury Single Account will be sustained during the fiscal year 2022 with the blockage of any identifiable loopholes.
“The good relationship that exists between our international donor partners, local partners in a multilateral dimensions shall be sustained. Government shall continue to incentivize the internal revenue service to meet their monthly target.” He explained.
Also speaking at the event, the Commissioner for Finance and Economic Development, Akintunde Oyebode disclosed that the Fayemi administration had substantially reduced the State debt from an average of 16% per annum to an average of under 10% per annum through improvement of the state fiscal position and reduction of state cost of borrowing.
Oyebode also said that the State Government had concluded plans to engage private stakeholders in the construction of the State’s ring roads.
Present at the budget breakdown were journalists, representatives of trade and professional unions and some stakeholders in Ekiri State.