Friday, 15 May 2020

Ekiti State Executive Council has reduced 2020 budget by 27%

Ekiti State Government approved 27% reduction in the 2020 budget

Ekiti State government has announced that the Executive Council has approved a 27% reduction in the 2020 budget from N124,724,869,335.95 to N91,128,996,482.01.

According to reports, this is in response to the economic impact of the corona virus pandemic and the oil price fiscal shock .
According to the tweets ;
N66,557,958,763 billion , representing 62% of the budget is for recurrent expenditure , while N32,571,037,719.01 billion , representing 38% is for capital expenditure.
  • Retainment of Salaries and pensions at 100%.
Reduction of overheads for 2020 by 50%.
Reduction of grants to parastatals by 20%.
Reduction of all capital expenditure to regenerate projects.
Provision of funding for only regenerative projects .
Completion of ongoing projects
Retainment of projects with external funding.

According to Ekiti state government , this revised 2020 budget conform to the Fiscal Sustainability Plan (FSP) of the Federal Government .

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