In response to the economic impact of the COVID-19 pandemic and the oil price fiscal shock, the Ekiti State Executive Council has approved a 27% reduction in the 2020 Budget from N124,724,869,335.95 to N91,128,996,482.01.
Below are the highlights:
▪️N66,557,958,763 billion, representing 62% of the budget is for recurrent expenditure, while N34,571,037,719.01 billion, representing 38% is for capital expenditure.
▪️Retainment of Salaries and pensions at 100%.
▪️Reduction of the overheads for 2020 by 50%.
▪️Reduction of grants to parastatals by 20%.
▪️Reduction of all capital expenditure to regenerative projects.
▪️Provision of funding for only regenerative projects.
▪️Completion of ongoing projects.
▪️Retainment of projects with external funding.
This revised 2020 budget conforms to the Fiscal Sustainability Plan (FSP) of the Federal Government.
