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 per cent 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
