Ekiti State Governor, Mr. Biodun Oyebanji on Friday presented a budget estimate of N159,572,482,915.61 Billion Naira, christened “Budget of Sustainable Growth and Development” to the State House of Assembly for the 2024 fiscal year.
The 2024 budget is a Zero-Based Budgeting (ZBB) is made up of N71,994,898,233.20 capital expenditure and N87,577,583,682.41 recurrent expenditure, representing ratio of 55:45 of recurrent to capital expenditure. The budget, according to the Governor, is a product of wider consultation with Ekiti people.
Governor Oyebanji explained that the overall focus of the budget is to sustain his administration’s quest for shared prosperity through the six pillar agenda of the government.
He highlighted the objectives of the 2024 budget to include creating enabling environment for micro, small and medium enterprises to thrive through friendly policies and provision of infrastructure; achieving shared prosperity through collaboration, compassion, fiscal prudence and quality service delivery; expand the revenue base in the area of internally generated revenue, and to also ensure timely completion of on-going developmental projects through equitable and effective distribution and allocation of available resources.
He also said the budget would provide a veritable platform for youths and women empowerment, skill acquisition and entrepreneur development; strengthen the security architecture of the state; cushion the effect of petrol subsidy removal; guarantee food security and support agro allied industry as well as further promote good governance through budget discipline, probity and accountability in the allocation and utilization of government fund, among others.
On capital projects, Oyebanji, who explained that his government is not unmindful of the importance of capital project on the socio economic development of the state said his administration would embark on numbers of projects without compromising the well-being of the people of the state.
He outlined the critical projects in the 2024 budget which is the outcome of citizens engagement and the work plans developed by MDAs to include, capital project and empowerment of artisans, youths and women, urban renewal/ development projects, agriculture and related value-chain development, construction of Ikere-Igbara Odo road, Ajebandele – Deeper life – Alasia – Omisanjana road, Ikole – Ara – Isinbode road and Igbara Odo – Ikogosi road rehabilitation, among others.
Governor Oyebanji said a top priority is being accorded the health sector to provide quality and affordable healthcare services as well as urgent renovation of health facilities equipped with state-of-the-art facilities.
While on Agriculture and food security, he said his government would improve agricultural productivity through provision of improved seed and seedlings, and enhance extension services, expand rural and feeder roads to boost the distribution of agricultural produce to both existing and new markets and also deepen the value-chain.
“In contrast to the conventional incremental budgeting system, Zero-Based Budgeting (ZBB) approach was adopted in the preparation of 2024 Budget.
“The Government continues to comply with the Open Government Policy and adopted the bottom-up approach to develop the draft fiscal document. To ensure inclusivity, I held citizen engagement/Town Hall meeting in the three Senatorial Districts. This was done to take inputs from the populace towards the proposed 2024 Budget and receive feedbacks on the programmes and activities of Government, and ensure sustainability of the projects/programme implemented in the communities. The overall focus of the Budget is to sustain our quest for Shared Prosperity through the Six-Pillar Agenda of Government.
“Mr Speaker, the Government is mindful of the catalytic impact of capital projects on the socio-economic development of the State.