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Ekiti: 70% of 2023 budget to be spent on recurrent expenditure, says Gov. Oyebanji

About 70 per cent of the N113.6 billion 2023 budget proposal presented by Governor Biodun Oyebanji of Ekiti will be to service recurrent expenditure.

Conversely, only 30.4 billion from the budget will go into capital projects of the infrastructure challenged southwestern hinterland.

Mr Oyebanji gave the breakdown when he presented the proposed 2023 Appropriation Bill to the State House of Assembly.

The budget proposal which is christened, “Budget of Strong Beginning” was presented at Thursday’s plenary sitting presided over by the Deputy Speaker, Hakeem Jamiu, in Ado-Ekiti.

The motion for admission of the governor into the chamber was moved by the Majority Leader, Gboyega Aribisogan, APC, representing Ikole Constituency 1.

It was seconded by Mrs Olubunmi Adelugba, APC, representing Emure Constituency, pursuant to Section 121(1) of the 1999 Constitution of Nigeria (as amended).

The governor in his speech said that the recurrent expenditure of over N80.36 billion of the bill would  take about 70 per cent while the capital expenditure of over N34.06 billion of it would take 30 per cent.

Mr Oyebanji reiterated the commitment of his administration at making life meaningful for the people, saying the infrastructure sector would be given priority in the 2023 budget.

The governor said that the budget would focus more on how to increase the Internally Generated Revenue to reduce dependence on the dwindling federal allocation.

He added that  the state government would invest more in the provision of infrastructure like water, roads, electricity, housing among others with a proposed budget of over N15.7 billion (46.2 per cent)

He said that the government’s focus on the infrastructure sector was aimed at making the state economically  viable by creating the enabling environment for investors to prefer the state.

The governor promised to be open and transparent in his policies’ implementation.

Earlier, in his address, the deputy speaker assured the governor of the continued support of the legislature to deepen democracy in the state.

Mr Jamiu lauded Mr Oyebanji for hitting the ground running, saying that his action demonstrated the seriousness of purpose the new administration was bringing into governance.

He said, “We commend your proactive measures put  in place since the inauguration of your government three weeks ago.” 


Source: Peoples Gazette.