This translates to Recurrent Capital ratio of 57:43 as against 61:39 ratio in the 2019 Budget.
This is within the ambit of the requirements of the Fiscal Sustainable Plan (FSP) of the Federal Government of Nigeria.
The 2020 Budget size represents a reduction of N5,199,602,779.06 or (4%) from the 2019 Budget size of N129,924,472,135.01. The operational dynamics of the 2020 Budget was to reduce Budget performance variance in the 2020 fiscal year to ensure compliance with the requirements of the State Fiscal Transparency, Accountability and Sustainability (SFTAS) Programme-for-Result which allows only 20% variance in 2020 Budget implementation.
The reduction was also informed by the need to have a more realistic Budget, considering the dwindling revenue most especially, from the Federation Account.
OBJECTIVES OF THE 2020 BUDGET
The 2020 Budget of Deliverables has been carefully developed in line with the five cardinal programmes of the present administration to engender a sustainable economic growth and overall development of the State. The Budget sets out to achieve the following fundamental objectives:
i. to consolidate on the achievements recorded in restoring the core values of our dear State through the promotion of good pedigree “Omoluabi” that Ekiti is renowned;
ii. to establish a fiscal framework that will positively translate the present economic realities to a major viable agricultural and industrial base of the Nigerian economy;
iii. to identify and channel resources towards the completion of developmental projects through equitable and prudent distribution and allocation of the available resources;
iv. to pursue aggressive revenue generation drive within the ambit of the law and reduce the dependence of the State on allocation from the Federal Government;
v. to promote and strengthen the social investment programmes with a view to banishing poverty and enhancing the economic growth of the State;
vi. to combat headlong, security challenges in the State and create an enabling environment for socio-economic activities thus, increasing the Gross Domestic Product (GDP) of the State;
vii. to invest in our human capital and strengthen the human resource base of the State through strategic investments in qualitative education and healthcare delivery to all;
viii. to strengthen the established good governance through budget discipline, probity and accountability in the allocation and utilization of public funds; and
ix. to improve the ease-of-doing-business and provide enabling socio-economic environment required for the success of government’s reforms;
Recurrent Grants to critical Institutions in the 2020 Budget are as follows:
i. Ekiti State University – 3,600,000,000.00
ii. College of Education, Ikere-Ekiti – 2,400,000,000.00
iii. College of Health Science Technology,
Ijero-Ekiti – 480,000,000.00
iv. Ekiti State University Teaching Hospital – 2,600,000,000.00
v. College of Agric, Isan-Ekiti – 600,000,000.00
vi. The Judiciary – 1,415,874,262.26
vii. Judicial Service Commission – 194,209,395.35
viii. Nigeria Security and Civil Defence Corps – 8,558,026.93
ix. Ekiti United Football Club – 73,870,110.45
x. Nigerian Legion – 2,701,537.12
xi. Ministry of Information, Youth & Sports
Development – 14,256,597.78