Kehinde Fajobi
The Ekiti State Executive Council has approved the presentation of the proposed 2025 Budget to the House of Assembly for legislative processing.
This decision was announced in a statement by Chief Taiwo Olatunbosun, the Commissioner of Information.
Olatunbosun explained that the proposed budget features a recurrent/capital ratio of 51:49, aligning with the Fiscal Sustainability Plan (FSP).
He stated, “The proposed Budget was prepared in line with Section 121(1) of the 1999 Constitution of the Federal Republic of Nigeria (as amended, 2011) and consists of the expected Receipts and planned Expenditure of Government for 2025.”
The budget is designed to support programmes and projects consistent with the six pillars of the current administration, following consultations with relevant stakeholders and government ministries, departments, and agencies.
In addition, the State Executive Council approved the presentation of the Ekiti Supplementary Medium Term Expenditure Framework (MTEF) for 2025-2027 to the House of Assembly for legislative processing and subsequent passage into law.
Olatunbosun noted, “The review is necessitated by the volatility in the national and global economic indices, increased revenue from the Federation Account and the need to accommodate new programmes and projects of government in compliance with Part 2, Section 13, Sub-section 1 of Ekiti State Fiscal Responsibility (First Amendment) Law, 2020.”
He added, “The fiscal document, which is ordinarily prepared annually, is made up of Medium Term Sectoral Strategy (MTSS) and Multi-Year Budget Framework (MYBF). The contents of the documents have also been aligned with the State Development Plan (EKSDP) 2021-2050 and took into consideration the prevailing global macro-economic indices as they affect Nigeria and Ekiti State in particular.”
Parameters such as global oil prices, the exchange rate of the Naira to the Dollar, inflation rate, and the effect of fuel subsidy removal were considered in the budget’s formulation.