Fayose presents N67.04bn 2016 budget proposal

Ekiti State Governor, Mr Ayo Fayose yesterday presented 2016 appropriation bill, christened budget of reality to the state House of Assembly, with a promise that 10,000 indigent citizens across the state would be paid N5,000 monthly from January next year.

Fayose, who proposed  budget of N67.044bn, described it as 83% of the 2015 budget of N80.78bn, said the reduction was informed by the desire to live within the means of the state and achievable estimate rather than decorate the budget with unrealistic figures.

He said 39% of the budget would be funded by the revenue from the Federal allocation accounts while the internally generated revenue source is expected to fund 15% of the budget.

The budget has a capital expenditure of N24,935,299,879.11kobo for the 2016 fiscal year, which represent 37 percent of the total budget, while recurrent expenditure stands at N42,109,095,668.79 kobo, representing 63 

percent of the total budget.

Economic sector is expected to gulp 57% of the budget size, while N100m would be expended on stomach infrastructure.

Fayose, who disclosed that copies of the 2016 Budget will be sent to the EFCC and ICPC for effective monitoring, also disassociated himself from the position of the Governors Forum to reduce minimum wage and massive retrenchment of workers.

In the proposals, Fayose said three capital projects, the airport project, the Oja-Oba ultra modern market and the flyover bridge are designed to open up Ekiti State to the entire world and present the state as an emerging land of opportunities.