Estimated Reading Time: 1
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.
According to a statement released on their official Twitter page, the highlights of the budget cut are: 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, and Retainment of projects with external funding.
According to the statement, this revised 2020 budget conforms to the Fiscal Sustainability Plan (FSP) of the Federal Government.
To continue telling under-reported stories, we need your support for the work we do, donate to https://paystack.com/pay/newswirengr
Also, kindly donate to the work we do using this interim PAYPAL ID https://www.paypal.me/NewsWireNGR
- Breaking: Senator Buruji Kashamu dies of COVID-19
- “There was no prior notice of the procession” – Kaduna Police arrests those protesting killings of Southern Kaduna residents
- Northern governors condemn attacks on Southern Kaduna
- PDP NWC sets up electoral committee for Cross River State congress
- Bauchi Government defends appointment of SA on unmarried women
- Do not sack service chiefs, Governor Umahi advises Buhari
- 2023: Southern Nigeria should produce the next president says El-Rufai
- World Bank approves over $114 million for Nigerian states to fight COVID-19
- NMA reacts to reports of violence at doctors’ elections in Enugu
- COVID-19: UBER records $1.8 Billion loss