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Fayemi Signs Revised 2020 Budget into Law

Fayemi Signs Revised 2020 Budget into Law

The Governor of Ekiti State, Dr Kayode Fayemi on Monday signed the Revised/Supplementary Appropriation Bill of N91.128bn to law in response to the prevailing economic challenges occasioned by unprecedented fall in the price of crude oil and other prevailing economic indices.

Dr Fayemi assented to the revised/Supplementary appropriation bill at the Conference Hall, Governor's office in line with Covid-19 protocol, which permits very few numbers of attendees with strict observance of physical distancing.

The bill, according to the governor reflects the downward review of the initial budget.

Speaking further, the Governor disclosed that the budget was designed to also focus on critical legacy projects, after taking into cognisance the dwindling revenue accruing to the State from the federation account.

Revealing that the Revised/ Supplementary budget incorporated the guidelines for the State Fiscal Transparency and Accountability (SFTAS) Programme-for-Result, Dr Fayemi stressed that the current economic situation does not give room for "frivolities" but sacrifice, charging all Ministries, Departments and Agencies (MDAs) and other stakeholders to maintain budget discipline in the execution of the budget.

The Governor, commending Members of the House of Assembly for expediting action on the passage of the financial bill, revealed that the budget was the outcome of a wider community and public engagement. 

Earlier in his address, the Speaker of the Ekiti State House of Assembly, Rt. Hon Funminiyi Afuye said the revised/supplementary budget was passed by members of the House of Assembly following due consultation with relevant MDAs and other stakeholders in cognizance of the current economic reality of the country as affected by the outbreak of Coronavirus.




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