Fayose presents N80.774b budget

Ekiti State Governor, Ayo Fayose has presented an appropriation bill of N80.774b to the state's House of Assembly for the 2015 fiscal year.

The budget, tagged 'Budget of Reality' represents 77.7 percent of the 2014 budget of N103.8billion of former Governor Kayode Fayemi.

But lawmakers on the platform of the opposition, All Progressives Congress (APC) were absent at the assembly chambers, which was filled to the brim.

In the 2015 appropriation bill, a total of N48,717b was allocated to recurrent expenditure, while capital expenditure would gulp N31.956b.

Fayose said the size of the appropriation bill was informed by his government's desire to live within its available resources, and work with an achievable estimate rather than 'decorate the budget with unrealistic figures.'

The governor, while calling for the expeditious passage of the bill, explained that the budget would be funded by revenue from the federation allocation, internally generated revenue and other sources.

The governor said that his government would assess N5billion internal loan from the Central Bank of Nigeria (CBN).

During an interview with journalists after the presentation, Fayose gave further clarification on the bugdet, saying: ' This is a different scenerio. This issue of taking loan from CBN is for all states of the federation and a similar one that amount to N3b are peculiar loans from federal government for SMEs to be able to address borrowing with all these less privileged and market women who could not have assess to loan in banks.

'Such loans are unavoidable loans and to stand as guarantee for such people to have assess to such loans.

'There is a repayment process that the government must stand as guarantor. And the fact that I said we would not borrow should not be misinterpreted. If you borrow, you must pay within your tenure ,so that you do not involve in financial recklessness for people coming after you.'

While reviewing the performance of the 2014 budget, implemented by Fayemi to October 15, Fayose said 78 percent  of the budget was realized.

Fayose said his budget would focus on empowerment of people economically, development of agriculture, infrastructural development, restoration of the glory of the state, provision of free health care services for children, pregnant women and the physically challenged and security of life and property.

The governor, who faulted former administration's claim that the state's internally generated revenue had hit N600m per month, said the IGR is still below N300m.

He also said that his government would embark on aggressive IGR to boost the state's earnings.