Governor Abiodun Oyebanji has unveiled an ambitious budget proposal for 2024. The budget, totaling N159.57 billion, is aptly named the ‘Budget of Sustainable Growth and Development.’ Governor Oyebanji presented the proposal to the state House of Assembly, emphasizing its critical role in sustaining the economic growth and positive trends witnessed during his administration.
This forward-looking budget is designed to ensure that Ekiti State continues on its path of development and prosperity. The governor urged the Assembly, under the leadership of Speaker Adeoye Aribasoye, to expedite the passage of this pivotal budget.
Oyebanji outlined the funding sources, stating, “A total revenue of N159,572,481,915.61 is proposed, comprising revenue from federal allocation, Value Added Tax, Internally Generated Revenue (from EKIRS, MDAs, and Tertiary Institutions), international donor agencies, Innovative and Development Effectiveness for acquisition of skills, and other sundry income sources.”
Breaking down the budget, the proposal allocates 45% (N71.99 billion) for capital expenditure, focusing on vital infrastructure development. The remaining 55% (N87.58 billion) is earmarked for recurrent expenditure. The governor emphasized the significance of infrastructural development, revealing a substantial allocation of N20.3 billion for this purpose. He stressed that robust infrastructure is pivotal for overall economic growth.
The 2024 budget reflects a meticulous planning process, driven by the 30-year State development plan, the six pillars of Oyebanji’s administration, extensive citizen engagement, and the work plans developed by various ministries, departments, and agencies.
Furthermore, Governor Oyebanji has unveiled a range of critical initiatives and projects for 2024. These include capacity building and empowerment programs for artisans, youths, and women, urban renewal and development projects, agricultural and related value-chain development, and enhanced support for micro, small, and medium-sized enterprises (MSMEs).
Additionally, the initiatives encompass urban and rural electrification, construction of a Cultural Centre, development of Ado-Ekiti Central Business District, renovation of schools, equipping secondary and tertiary health facilities, and the construction of an Indoor Sports Complex.
The proposed budget also includes a focus on road construction, with several projects planned to improve transportation in Ekiti State. On a related note, Ekiti State is working diligently to secure the necessary certifications from federal agencies to fully utilize the Ekiti State International Cargo Airport. The government is committed to meeting all specifications outlined by the Nigerian Civil Aviation Authority and other federal agencies to ensure the airport’s full utilization. The presentation of the 2024 budget is a significant step towards a brighter future for Ekiti State, reflecting the commitment to sustainable growth and development.
Source: [Punch]
