Ekiti State Governor Kayode Fayemi yesterday presented N100.703 billion Appropriation Bill at the House of Assembly for the 2022 fiscal year.
The budgetary estimates, named the ‘Budget of Legacy and Consolidation’, which comprises N60.686billion recurrent and N40.067 capital expenditure, is N8.9billion lower than the 2021 fiscal year, which was N109.6billion.
The Appropriation Bill incorporated the budget proposal submitted by the two arms of the government to the executive in accordance with the provisions of the fund management law.
Giving a breakdown of the budget in accordance with the five-point agenda of his administration, governance takes the largest chunk of N36.716billion, representing 36 per cent, followed by infrastructure and industrial development, which take N28.056billion, representing 28 per cent.
Others include the knowledge economy taking N19.716billion, representing 20 per cent; social investment takes N14.063billion, representing 14 per cent, while agriculture and rural development takes N2.201billion, representing two per cent.
Speaking while presenting the budget to the lawmakers, Dr. Fayemi said that the proposed budget estimate was a product of extensive consultation, adding that it was in tandem with the five pillars of his administration.
He said the major objective of the budget is to ensure that ongoing legacy projects, including the state cargo airport, the new Ado-Iyin road and other new road projects are completed to consolidate his administration’s plan to transform the state.
Fayemi, who hailed Speaker Funminiyi Afuye and other members for supporting programmes and policies geared towards the state’s development, reaffirmed his commitment to sustain the harmonious relationship with the legislature and judiciary for the betterment of the state.
The Speaker assured the gathering that the Assembly would work assiduously on the Appropriation Bill and ensure its passage to law before the end of the year.