Governor Fayemi signs revised Appropriation Bill of N91.128bn into Law

Must Read

Benefits Of Face Steaming And How To Do It At Home

Face steaming is one of the hottest skincare trends of the past few years. You can see celebrities and...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...
- Advertisement -

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

Governor Fayemi signs revised Appropriation Bill of N91.128bn into Law - Brand Spur

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, reflected the downward review of the initial budget of N124.724,869,355.85k to N91,128,996,482.10k.

- Advertisement -

Governor Fayemi signs revised Appropriation Bill of N91.128bn into Law - Brand Spur

This, he said, was made up of recurrent expenditure of N59.63bn and capital expenditure of N32.65bn, representing a ratio of 55:35 percent, in response to the exigency of the State finances and the current economic realities.

Dr Fayemi explained that the revised/supplementary budget becomes expedient, as a result of the outbreak of Coronavirus, which “dealt a debilitating blow on our macroeconomic projections,” making the initial budget which was prepared in the “underlying assumption of the relative stability of major macroeconomic parameters”, unrealistic.

Governor Fayemi signs revised Appropriation Bill of N91.128bn into Law - Brand Spur

- Advertisement -

He said: “The pandemic rendered our economy prostrate with an unprecedented fall in the price of crude oil in the global market. The volatility in the oil price coupled with the reduction in oil production, and devaluation of the Naira to the Dollar, made our revenue projections for the 2020 Budget unrealistic.”

“To mitigate the effects of the pandemic on our economy, it becomes imperative to review our 2020 budget, and prepare a supplementary budget which would be responsive to our time and circumstances.”

Governor Fayemi signs revised Appropriation Bill of N91.128bn into Law - Brand Spur

“Consequently, 2020 budget was put together to ensure that our meagre resources were committed to critical areas of the economy as follows: Health and Environmental Response, interventions with a view to improving the standard of living of the people, ensuring food security in the Agricultural sector, improving the ease of doing business, and other multi-sectoral Responses.”

- Advertisement -

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.

Read Also:  What will 5G really mean for you?

Governor Fayemi signs revised Appropriation Bill of N91.128bn into Law - Brand Spur

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.

Governor Fayemi signs revised Appropriation Bill of N91.128bn into Law - Brand Spur

The brief ceremony was witnessed by the Deputy Governor, Otunba Bisi Egbeyemi, Speaker of the House of Assembly, Rt. Hon. Funminiyi Afuye, Deputy Speaker, Hon. Hakeem Jamiu, members of the State House of Assembly, Secretary to the State Government, Biodun Oyebanji, Head of Service, Mrs Peju Babafemi, and other Stakeholders.

Read Also:  Unitar's Response To Covid-19 Pandemic

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 cognisance of the current economic reality of the country as affected by the outbreak of Coronavirus.

Governor Fayemi signs revised Appropriation Bill of N91.128bn into Law - Brand Spur

Governor Fayemi signs revised Appropriation Bill of N91.128bn into Law - Brand Spur

Governor Fayemi signs revised Appropriation Bill of N91.128bn into Law - Brand Spur

- Advertisement -
Governor Fayemi signs revised Appropriation Bill of N91.128bn into Law - Brand SpurGovernor Fayemi signs revised Appropriation Bill of N91.128bn into Law - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Governor Fayemi signs revised Appropriation Bill of N91.128bn into Law - Brand SpurGovernor Fayemi signs revised Appropriation Bill of N91.128bn into Law - Brand Spur

Latest News

Amaten Poised to Become Global Leader in Digital Gift Cards Following A Striking $100 Million in Sales

Leading Japan with 60% market share, Amaten to become the next Amazon in the gift card industry, estimated to...

Boutir Launches “Your online store solution from a mobile phone” New TV Ad Campaign

HONG KONG, CHINA - Media OutReach - 11 August 2020 - Boutir, a social mobile commerce solution and multi-channel commerce platform provider, has produced a new TV commercial series...

Dettol wins the Outstanding Community Service in Personal Hygiene of Health Partnership Award 2020 in Hong Kong

HONG KONG, CHINA - Media OutReach - 10 August 2020 - RB Hong Kong is proud to announce Dettol received the Health Partnership Award 2020 that recognized...

Online gifting retailer Flower Chimp observe sales spike amidst the new normal

SINGAPORE - Media OutReach - 10 August 2020 - In 2020, with uncertain times taking the world by a storm, many businesses have fallen victim to the pandemic and...

FMDQ Exchange lists United Capital PLC and LAPO MFB SPV PLC Bonds

Local Capital Markets Provide Succour to Nigerian Corporates Amidst COVID-19 Recovery as FMDQ Admits New Debt Securities to its Platform As corporates and organisations spring...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Governor Fayemi signs revised Appropriation Bill of N91.128bn into Law - Brand SpurGovernor Fayemi signs revised Appropriation Bill of N91.128bn into Law - Brand Spur